Posts

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

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  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

Traditional IRA vs SEP IRA

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How to Effectively Transition from Full-Time to Self-Employed

  How to Effectively Transition from Full-Time to Self-Employed At last count, nearly 10 million people were  self-employed  and another 6 million were working  gig jobs , according to the federal Bureau of Labor Statistics. BLS had already projected those numbers would grow. But with 40 million people losing their jobs during the COVID-19 pandemic, it’s likely even more people will turn to consulting, freelancing or gig jobs to make ends meet. And whether you’re a gig worker providing ride share services or food delivery, consulting as an engineer or analyst or freelancing as a writer or editor, from a wage, tax and benefit position, you’re essentially self-employed. For those new to that classification, the financial considerations can be a real eye opener, warns Mackey McNeill, CPA/PFS and member of the AICPA Consumer Financial Education Advocates. “A lot of people move from being employed to working for themselves,” she said. “But just because they’re self-employed doesn’t mean the

9 ways to future-proof yourself, thrive during change

  PROFESSIONAL INSIGHTS 9 ways to future-proof yourself, thrive during change Dorie Clark 16 days ago · 7 min read How we reinvent our skill sets is always an important topic, but especially now. In the current COVID-19 environment, we all have to be a little sharper about how we do our jobs and see around corners to stay ahead of what’s next. There were obvious transitions as things went virtual and everyone had to adapt quickly to change. Now we have more of an opportunity to be strategic about our careers, reimagining a path and being nimble and agile in our thinking. We are acutely aware that things we knew to be true in the past can’t be counted on anymore. It’s time to question assumptions and build on our skills, talents, and attributes to thrive and succeed. You eliminated, reduced, added, or changed a bunch of things amid the pandemic, but now ask yourself if you’re doing the right things. The business terrain looks very different from what was familiar just six months ago. Go