Ace Plus Tax Resolution

First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?

Here is a fun fact for your Friday from Ace Plus Tax Resolution.

Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.

Now is the best time to negotiate with the IRS for tax liabilities! There will be a flood of new liens, garnishments and levies soon. I lost my tax records in a hurricane. The IRS sent me a notice of levy to garnish my wages, and they garnished almost $60,000 from my paychecks. But James took a strategic approach to release my levy and dealt with the IRS. - Kirk Call (213) 6007388 now for your Free, no-obligation consultation and discover what IRS settlement programs you qualify for.

Some Wednesday Wisdom from your friends at Los Angeles based Ace Plus Tax Resolution

Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.

Ace Plus Tax Resolution - Some Monday Motivation for our friends and colleagues.

Learn about taxes from your friends at Los Angeles based Ace Plus Tax Resolution.

Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.

Wednesday Wisdom from your friends at Ace Plus Tax Resolution

The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.

Ace Plus Tax Resolution has the motivation you need to get going this Monday.