Maxson & Associates Accountancy Corporation

The FREE April Tax Newsletter is out Now... Featuring the following articles: ALERT! Late Tax Legislation Creating Havoc New Tax Breaks Benefit Millions... The Gift of Grace Businesses Get More Time to Apply For PPP Loans Cross-Training: Essential for Small Business Survival Don’t Overlook Renters Insurance Read the full issue: https://bit.ly/3d28SCd

The FREE March Tax Newsletter is out Now... Featuring the following articles: Answers to Common Tax Questions The New World of Bank Reconciliations Get Your Contractor or Employee Classification Right!... The $24,000 Tax Time Bomb Starting a Business Now Could Make a Lot of Sense ...And more Read the full issue: https://bit.ly/3kM1mgU

Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items is one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as you receive them. Common missing items this year will include the new 1099-NEC for any taxpayers that are contractors, consultants or part of the gig economy. Read the entire article in the current newsletter: https://bit.ly/3q3FDlL

Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes were withheld from unemployment payments you received. If taxes were not withheld, you may need to write a check to the IRS when you file your tax return. Read the entire article in the current newsletter: https://bit.ly/2NjPiqs