You don't have to be an accountant to file your taxes, but you should definitely hire one. It's not just about getting a refund--it's also about avoiding penalties and being sure that you're taking advantage of all available deductions and credits. A CPA has the knowledge and expertise to navigate the complex tax system, so they can ensure that you are taking advantage of all available deductions and credits. And if you've ever tried to do your own taxes, then you know how much time it takes--and how easy it is for something to go wrong! Hiring a CPA can save you time and effort by handling all the necessary paperwork and filing on your behalf. And most importantly: accuracy! A CPA is trained to ensure that your tax return is accurate and complete, which can help you avoid costly mistakes and audits.

Day 1

 Are you ready for the 2023 tax season? If you're not a CPA, there's a good chance that this time of year makes your head spin. The tax code is so complex and full of traps for the unwary that even people who are familiar with it can feel overwhelmed by how much work is involved in preparing their taxes. But don't worry! That's where we come in. We've got the knowledge and expertise to navigate the complex tax system and ensure that you are taking advantage of all available deductions and credits. And if we can't find them for you, we'll make sure they don't exist! We also handle all the necessary paperwork and filing on your behalf--saving you time, effort, and stress during one of the busiest times of year. And because we're trained accountants (not just someone who knows how to use TurboTax), our work is accurate--which means no costly mistakes or audits down the road!

2023 Tax Season

 Many taxpayers will receive smaller refunds when they file their tax returns for tax year 2022, due to Congress not extending the tax breaks put in place during the height of the Covid-19 pandemic as part of its year-end budget bill, as stated by tax preparers. Some taxpayers who received refunds in recent years may now have a balance due. The amount of the refund will depend on the taxpayers' situation, including whether they adjusted the amount they asked their employer to withhold in taxes and whether they paid estimated taxes. The average individual tax refund last year was $3,176, up 14% from $2,791 in the 2021 tax season. The federal economic impact payments is one of the main reasons why taxpayers may see a decrease in their refunds this year. Most taxpayers received their 2021 stimulus checks automatically, but some got the money as a recovery rebate credit of $1,400 per person on their 2021 income tax return. For a family of four, that could have meant a $5,600 credit on

Why hire me?

  How do you vet a tax preparation professional?   Whether you’re looking for someone to help you plan your finances or prepare your taxes, there are countless options out there to choose from. The decision to hire someone best suited for your situation can becoming overwhelming. With over ten tax seasons under my belt, here are some of the most important qualities I’d look for in a prospective tax preparation professional or business advisor.   Certified Public Accountant I would give hiring a CPA the heaviest consideration out of this entire list of qualifications. The CPA is a license earned by professionals in order to provide accounting services to the public. Becoming a CPA requires over 150 credit hours of education completed, in addition to passing a four-part exam. It is a rigorous standard, and completion of this certification means you are speaking with a trusted financial advisor. I’ve received my full CPA license, which means I have at least two years of auditing

2020 Tax Rates and Brackets

  Looking for a new CPA? Every client has a different tax situation. Once you engage me as your CPA, my goal is to offering you my tax recommendation, prepare your taxes accurately, and achieve the lowest tax liability possible. These amounts apply to the 2020 taxes that you will file in 2021. There are no big changes in the rates, brackets, deductions, or retirement account contribution limits that most taxpayers tend to encounter for 2020 versus 2019. Most changes are simply adjustments for inflation. Enjoy the stability – as history has shown, it likely won’t last long.  #taxplanning   #CPA   #taxes   #CertifiedPublicAccountant   #AngelzhenCPA

Nonfilers have until Nov. 21 to apply for economic impact payment

  Nonfilers have until Nov. 21 to apply for economic impact payment By Sally Schreiber, J.D. October 6, 2020 RELATED October 15, 2020 2020 employer opportunities: Give more while spending less October 1, 2020 Employers get guidance on income tax withholding from wages September 22, 2020 Lenders will not file Form 1099-C for forgiven PPP loans TOPICS COVID-19 Individual Income Taxation IRS Practice & Procedure The IRS is giving individuals who do not normally file a tax return and have not received an economic impact payment an additional five weeks to enter their information on the  Non-Filer: Enter Payment Info Here  tool on the IRS website. The new deadline is midnight Nov. 21, which the IRS says is the latest it can push the deadline without affecting the upcoming filing season ( IR-2020-229 ). Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, eligible individuals will receive an economic impact payment of up to $1,200 for individuals or $2,400

Getting married seen as a call option (finance)

  Getting married seen as a call option (finance) I am currently following in  Coursera  the course on “ Financial Markets ” given by professor  Robert Shiller . When the course finishes I may write about the experience and main takeaways from the course. Today, I only wanted to share an anecdote from last week’s lectures on futures markets and  options . At some point of the lecture the explanation from the professor went on as follows:  [options]  They occur naturally in life.  I remember  Avinash Dixit  was writing about options and he said “when you’re dating someone and you know the person will marry you.  You have an option which you can exercise at anytime by agreeing to marry .”  Now, one of theorems in option theories is you usually don’t want to exercise a call option early. And so Dixit would say, well,  maybe that that’s why a lot of people have trouble getting married . [LAUGH] You know why,  they don’t want to exercise their option early .  What we’ll see is that options