psacpa.com RSS Feed https://psacpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Wed, 01 Sep 2021 09:00:00 -0500 Wed, 01 Sep 2021 09:00:00 -0500 What Is a Designated Roth Account? https://www.psacpa.com/newsletter.php#2 If you are a high-income earner who participates in a 401(k), 403(b), or governmental 457(b) retirement plan that has a designated Roth account, making contributions to that account could be a smart move. Wed, 01 Sep 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#2 Verifying Your Identity When Calling the IRS https://www.psacpa.com/newsletter.php#4 If you need to contact the IRS, you will be asked to verify your identity. Here's what you need to know before you call. Wed, 01 Sep 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#4 Tax Rules for Divorce and Alimony Payments https://www.psacpa.com/newsletter.php#5 Tax rules regarding divorce and separation can and do change - as they recently did under tax reform - and the last thing on anyone's mind during a divorce or separation is its effect on their tax situation. Wed, 01 Sep 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#5 Tax Relief for Those Affected by Natural Disasters https://www.psacpa.com/newsletter.php#1 Tax relief may be available if you've been affected by a natural disaster this year, but only if you meet certain conditions. Wed, 01 Sep 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#1 Six Things To Know Before You Start a Business https://www.psacpa.com/newsletter.php#3 Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Wed, 01 Sep 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#3 Which Educator Expenses Are Tax Deductible? https://www.psacpa.com/newsletter.php#4 Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel on their tax returns to reduce the amount of tax owed. Sun, 01 Aug 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#4 Retirement Plan Options for Small Businesses https://www.psacpa.com/newsletter.php#5 Employer-sponsored retirement plans are a key component of retirement savings. If you're like many small business owners in the United States, you may be considering the various retirement plan options available for your company. Sun, 01 Aug 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#5 Opting Out of the Monthly Child Tax Credit Payment https://www.psacpa.com/newsletter.php#2 While many families will benefit from the extra money deposited into their bank accounts, some may want to opt out and instead take the Child Tax Credit when they file their tax return next spring. Sun, 01 Aug 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#2 Minimizing Capital Gains Tax on Sale of a Home https://www.psacpa.com/newsletter.php#3 Learn how to avoid capital gains tax and why home improvements that qualify for the residential energy property credit can make a difference when selling your home. Sun, 01 Aug 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#3 Key Tax Changes Could Affect Your Tax Situation in 2021 https://www.psacpa.com/newsletter.php#1 Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know. Sun, 01 Aug 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#1 What is an Economic Impact Notice? https://www.psacpa.com/blog.php?id=9 After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how to report any payment that wasn't received. Did you receive one? Learn more! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=9 What are Estimated Tax Payments? https://www.psacpa.com/blog.php?id=5 Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Here's what you should know about estimated tax payments. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=5 Tips to Help You Figure Out if Your Gift is Taxable https://www.psacpa.com/blog.php?id=3 Gift tax laws can be complicated. What is the limit that can be given before a tax obligation? Get your answers here! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=3 Tips for Students with a Summer Job https://www.psacpa.com/blog.php?id=10 Even if you're not 18, income earned is considered taxable income. Here's what to know if you recently started a summer job. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=10 Tax Considerations When Selling Your Small Business https://www.psacpa.com/blog.php?id=1 Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. Here are some aspects to consider. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=1 Payment for Refundable Child Tax Credit Starts July 15 https://www.psacpa.com/blog.php?id=7 The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households - nearly 90 percent of children in the United States - are slated to begin receiving monthly payments without any further action required. Find out more! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=7 How to Protect Your Data in QuickBooks https://www.psacpa.com/blog.php?id=11 There are numerous steps you can take to protect yourself from threats, both internal and external. QuickBooks offers some safeguards, and strong company policies can also help safeguard against data theft or destruction. Let's take a look at what you can do. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=11 How to Check the Status of Your Tax Refund https://www.psacpa.com/blog.php?id=6 How to Check the Status of Your Tax Refund. Get help and learn more! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=6 HSA Limits Increase for 2022 https://www.psacpa.com/blog.php?id=8 Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. What are the relevant laws for 2022? Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=8 Expat Compliance With US Tax Filing Obligations https://www.psacpa.com/blog.php?id=4 Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but still has U.S. tax filing obligations (including owing back taxes), you'll be relieved to know there are IRS procedures in place that allow you to come into compliance and receive relief for any back taxes owed. Let's find out more. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=4 Changing Jobs? Don't Forget About Your 401(k) https://www.psacpa.com/blog.php?id=2 One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Here are your options. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=2