Hi Abe! I am getting ready to sign a contract to act as a lease operator under a Limited Liability Company (LLC). Will I have to file and pay business taxes now under my LLC? Great Question! A Single-Member LLC is regarded as a disregarded business entity. What this means is that the business itself will [...]
For 2021 only the child tax credit has been increased from $2,000 per child to $3,000 per child from ages 6-17 and $3,600 per child for ages 5 and under. The credit will also be partially sent out in advanced payments for the first time. 50% of the credit will be advanced monthly from July-December 2021. [...]
At some point, you may need to speak with a Client Service Representative. You could have a question, need to resolve an issue, or need information. You will feel more successful (and less stressed!) when you understand the best way to complete your call, work with your Client Service Rep and get an effective resolution. By [...]
Planning and mapping out a 10-hour drive is something that I have enjoyed doing on more than a few occasions in my life. This type of journey requires the forethought of deciding what time to wake up, how many stops to make along the way, and the ideal amount of caffeine to consume. Usually, I find [...]
Over this last year, I’ve heard the term the ”new” normal over and over because life during this pandemic has been ”odd.” I am happy to see that life is starting to get back to normal. One of my favorite pastimes - baseball - is back! And many stadiums have increased their capacities. I don’t know [...]
The birds are chirping, the flowers are blooming and Tax Deadline is fast approaching. This tax year much like last has been a challenge for tax professionals and individuals with the vast amount of changes that have occurred. Here at Abacus, we have been busy bees but instead of making honey, we have been preparing tax [...]
Hey Abe! I recently received my quarterly estimate for Abacus, but did not have the full amount of money recommended to pay in. What should I do? Abe: Great question! It is always advisable to make a quarterly tax payment, even if it is not the full recommended amount suggested by our preparers. If quarterly payments [...]
Hi Abe! My family and I are moving across state lines this year? What changes could this mean to my taxes as a self-employed person? Abe: Great question! This can impact your taxes in a couple of ways. First, you will want to notify your preparer which state you are moving to and provide them with [...]
Self-employed individuals can use a portion of their home in order to conduct business as a home office. Whether you rent or own your home, both are eligible to claim a home office. The IRS defines a home office using these two requirements: The home office must have a regular and exclusive use for your business [...]
Community property laws affect how you figure your income on your federal income tax return if you are married, live in a community property state or country, and file separate returns. If you are married, your tax usually will be less if you file married filing jointly than if you file married filing separately. However, sometimes [...]
