Fard Tax and Accounting, Inc.

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CHILD TAX CREDIT - GET $2k PER KID! A very close friend of mine gave birth very recently. When she told me her expected delivery date, my immediate reaction was "your baby just made you $2,000." In 2018, the Tax Cuts and Jobs Act changed the child tax credit by increasing the deduction amount and increasing the phaseout limit. The credit has been double from $1,000 to $2,000 per child. In addition, the phaseout credit changed from $110,000 to $400,000. That means if you had ...made somewhere between $120,000 to $400,000, you may have not been able to take the credit in the past and you can now. Most people qualify, but there are some qualifying factors that will need to be considered. Congratulations to my #1 Groomswoman, I'm really happy for you and your whole family. If you'd like to learn more about the child tax credit, please feel free to call or email at anytime. www.fardtax.com

Limited Liability is a big reason to set up an LLC or Corporation. But that limited liability can be pierced if you're not careful enough. Here are some basic requirements for ensuring that you actually have limited liability. 1) Follow Corporate Formalities: Hold annual meetings for shareholders or members, record minutes for important decision made, and adopt corporate bylaws. 2) Comingling Assets: Try to keep your personal expenses separated from your business accounts. ... 3) Separate Accounts/Assets: Maintain a separate bank account and credit card. In addition, corporation/llc assets should be only used for business purposes 4) Many more If you have any questions or would like to learn more about piercing the corporate veil, please feel free to contact us for a Free Consultation. www.fardtax.com (818) 905-6915

Fard Tax Topic 12/3/2019 FORM 8846 Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips Form 8846 allows a business owner to take tax credit for payroll taxes paid on employee tips. When recording payroll for your employee, the employer is required to pay payroll taxes, including social security and Medicare, even on the income reported from tips. When filing your annual income tax return, you can receive a credit for the portion of payroll tax...es that you had paid. But as expected, the IRS didn’t make it so simple. Here are a couple quick notes from what I read about Form 8846 this week. 1. The tax credit is only available to employers that serve food or beverages. 2. If you’re paying your employee below the federal minimum wage, you cannot take a deduction for the tips that would have been included in their wage pay. 3. Service charges are not included. So it’s important to split your gratuities and tips if you have a fixed gratuity. 4. If an employee under reports their tips to you, you are still liable for your share of the payroll taxes on that income. With time, those taxes would be subject to penalties and interest. By having your employee provide you a Form 4070 on a monthly basis, you can exempt yourself from the penalties and interest that would have been charged on the underpayment of the payroll taxes. If you’d like to learn more or discuss the Credit in depth, feel free to contact us for more information. www.fardtax.com (818) 905-6915

Although you can consider it to be "ordinary and necessary expenses" as defined by Internal Revenue Code 162(a), you can't deduct the flowers you bought for Valentine's Day. Happy Valentine's Day from Fard Tax and Accounting!

Tax season is off to a great start! If you're curious about how to can take advantage of writing things off and deductions, just give me a call and I'm happy to explain everything you need to understand.

As I'm going through tax season, I'm seeing how the new tax law really impacts my clients. The tax reform really emphasized the whole New Year, New Me attitude.

Tax Season has begun! Time to get all of your stuff together and call your accountant! We're ready for the next 11 weeks or so of NONSTOP FILING ACTION!

Are you ready for tax season? The season begins tomorrow and I'm looking forward to all of the filings!