Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. Although April 15 is usually the date that federal taxes are due, the Internal Revenue Service (IRS) extended the tax deadline in 2019 and 2020 due to the COVID-19 pandemic. During this time, you may have picked up a side gig …
In order to ensure you are not caught behind the eight ball, there are a few things you need to think about and do before you sit down to file your taxes. Gather Your Necessary Documents In preparation of your return, it is wise to have supporting documentation for all items listed on your income tax return. These include your …
Getting a job begins a major chapter in your life. As you navigate this new territory, we are here to help ensure a prosperous transition. To protect the future you are creating, you need proper financial and estate planning. As you move through this new phase of your life, there are several things you ought to get or review to …
There are many essential tasks to complete if you are thinking of forming a new business. An important but often overlooked step is obtaining an Employer Identification Number (EIN). An EIN is a nine-digit federal tax identification number obtained from the Internal Revenue Service (IRS). It uniquely identifies a business entity and serves many purposes for a new company. The …
Tax season is just around the corner, so now is a great time to make sure that you are retaining all the documentation you need to back up the income, deductions, and credits listed on your small business’s tax return. Keeping the proper records is not optional—it is required by the Internal Revenue Service (IRS). Recordkeeping System The IRS does …
If your business made or received payments to independent contractors and entities (other than compensation to your employees) during the calendar year, it’s likely you must file an information return called a Form 1099 with the IRS. You may also need to send a copy of the form directly to the recipient of the payments. Being aware of and meeting …
Temporary spousal maintenance is money paid from the higher-earning spouse to the lesser-earning spouse. It is typically applied during the pendency of the divorce but it can also be used as a guideline when a couple is married for relief in Family Court. I have received a lot of phone calls lately from folks whose spouse decides to cut them …
Happy May Day! I have had a great visit in Illinois visiting Lake Land College and family. Our pastureland grass is lush and green. Illinois has been hit with a lot of rain this spring. Dad *hopes* to plant corn next weekend. Had a nice afternoon catching up on blogs. Here are a few that caught my eye: 1. April …
Over the weekend I stumbled across the materials from the First Annual Meeting of New York Agri-Women and reviewed this excellent article titled “Doing Business in New York State: Structures and Strategies” by Bruce L. Anderson, Brian M. Henehan, and Charles J. Sullivan, Esq. Mr. Sullivan spoke on business organizations at the New York Agri-Women’s annual meeting. If you have …