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Discover our top resources to help you better understand your accounting, analysis, strategy, and planning.
How long you need to keep tax and business records depends on the nature of the information and how you use it. Very little specific guidance is available, even from the IRS, however generally you are required to keep records until the federal and/or state statues of limitations runs out pertaining to that document. We offer this schedule as a starting point, be sure to consult your attorney, or any jurisdiction’s regulations that your records may pertain to, before implementing a record retention policy.
Yes, you should consider tax planning! You could have unintended tax results and owe money when you file your tax return. We can provide guidance on how these and other COVID-19 relief items will affect you for 2020 and/or 2021.
Yes, you should consider tax planning! Unemployment benefits received in 2020 will be taxable on your 2020 return. This includes the additional $600 provided by the federal government under the CARES Act. Although many unemployed individuals will have less income this year, there could be an unexpected tax bill if you did not withhold on your benefits.
Yes, you should consider tax planning! President Trump signed an executive order on August 8 that allows employers to defer the employee portion of withholding on Social Security taxes. However, this is just a payroll tax deferral, not payroll tax forgiveness. Therefore, your paychecks in early 2021 will decrease by the amount of taxes deferred in 2020. The repayment on the deferral will affect your payroll from January 1, 2021-April 30, 2021. If you leave your place of employment before the taxes are paid back, your employer can make other arrangements to collect the deferred taxes from you.
Yes, you should consider tax planning! If your income has increased, you could be in for a tax payment surprise in April. If your income has gone down, your withholding has probably decreased with it. These changes, either direction, can potentially bring about some unforeseen consequences. It’s an election year and proposals for both parties have been published. Are you interested in seeing how these would personally affect you? Should you be doing anything for the remainder of 2020 to reduce your taxes for 2020/2021?
Yes, you should consider tax planning! You may want to have us review your income, deductions, and withholding to determine if you will owe anything when your return is filed or if an immediate payment could minimize underpayment penalties/interest.
Yes, you should consider tax planning! Depending on what, or how much, you have done your increase in income could change your tax bracket. There could also be self-employment taxes to consider. There may be opportunities to decrease the taxability of that income and it is easier to work through the options before the year closes instead of after.
Yes, you should consider tax planning! The CARES Act provides for favorable tax treatment for up to $100,000 of coronavirus-related distributions from eligible retirement plans. Qualified distributions generally are included in income ratably over a three-year period, starting with the year in which the distribution is received. Once again, tax planning is needed to compare whether the three year spread of income or electing immediate taxation is more beneficial for your personal tax situation.
Yes, you should consider tax planning! The receipt of the cash, investments, property, etc. isn’t necessarily taxable, but what you have done with the assets since you took ownership can be. Reach out as the consequences may not always be what you expect.
Yes, you should consider tax planning! Changes in regulations now generally require you to withdraw all funds inherited within 10 years. Smart tax planning is needed to determine what year is the best tax year to cash out to minimize the tax impact and make sure you have appropriate federal and state tax withheld.
Yes, you should consider tax planning! Your income may have dropped significantly giving you a great opportunity to take advantage of a lower tax bracket. Roth conversions to replace the deferred RMD income or careful planning to harvest long-term capital gains in the 0% capital gains tax bracket are just two examples of planning opportunities.
Yes, you should consider tax planning! Life changes, whether positive or negative, can have a substantial impact on your tax situation. No matter the life event, it is always best to tax plan accordingly.
No, you don’t need tax planning if this is all that changed for you this year. The Economic Impact Payment is not considered taxable income, and, therefore, will not impact your tax situation.
Online Tax Payments
Go to: https://directpay.irs.gov/dire... (Button below)
Reason For Payment: Estimated Tax
Apply Payment to: “1040ES (for 1040, 1040A, 1040EZ)”
Tax Period: “2020”
On the next screen enter information from your 2018 return to verify your identity. Choose 2018 as the tax year for verification, enter your information, then select continue.
Enter the payment amount and your bank account information.
Select continue to review & submit your payment and save the confirmation for your records.
Go to: https://tap.revenue.wi.gov/pay... (Button below)
Account Type: “Individual Income Tax”
Payment Type: “Estimated Payment”, select Next
Tax Year: “2020”
Enter your Social Security Number & name, select Next
Enter your payment information, select the payment date, and enter the payment amount.
Select Submit and save the confirmation for your records.