Author - SFS Tax & Accounting

Ten Tax Facts to Know If You’re Selling Your Home

Selling Your Home? Here are Ten Tax Facts to Know Generally, the gain from the sale of the house is taxable but, you may not have to pay taxes. Here are ten tax facts to know: Exclusion of Gain. You may be able to exclude part or all of the gain from the sale of your home. This rule may apply if you meet the eligibility test. Parts of the test involve your ownership and use of the house....

Working From Home Best Practices

Tax Forms: How to Store Them, How to File Them and How to Reduce Your Liability Working from home can be a dream come true, especially if you are self-employed. Opportunities for freelancers, gig workers, and other self-employed men and women have exploded in recent years. People are getting the freedom they crave without sacrificing the income they need. This is far more evident with the current COVID situation where millions of Americans are now commuting from their bedroom to...

Newly Retired? You could be in for a tax surprise?

You've worked your entire life. You’ve got your retirement all planned out. Your retirement savings accounts are where you wanted them to be. You have started receiving Social Security benefits as wells your pension. is ready to go. Everything is planned including that extended vacation. What could go wrong? Here are five surprises that can turn your plan on a dime. Health emergencies and long-term care. When a simple procedure could cost thousands, health care costs can put a huge dent...

Takeaways on Coronavirus Tax Changes

In response to the coronavirus pandemic, the IRS has implemented numerous changes that go well beyond tax filing extensions and stimulus payments.  Here are takeaways on the Coronavirus  tax changes; significant changes that could affect you and your family: Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is waived during 2020. New provisions allow tax liabilities on these distributions to be paid over a three-year period. The new rules...

SFS Spotlight Newsletter April 2020

April 10, 2020 Jeffrey Schneider, EA, CTRS, ACT-E, NTPIF Author of the Now What Help! series If you are preparing your own tax return the book is a great guide with complete explanations about the 1040 form. The third book in the Now What Help series is available on Amazon, https://amzn.to/38MXLrF In the World of Tax Sheltering in Place Activities Learn About the SBA Disaster Loans - video Mark Your Calendar What Are the CARES Act Provisions? Overview - FFRCA What To Do If You Received the Dreaded Letter From the...

Families First Coronavirus Response Act

On March 18, 2020, the Families First Coronavirus Response Act was signed into law, marking the second major legislative initiative to address COVID-19. The overview below provides a summary of key provisions of the Families First Act, which includes the key points in the law. Families First Coronavirus Response Act The new law requires that small business to provide paid leave Families First Coronavirus Response Act provides worker benefits. The Families First Coronavirus Response Act is the new law passed that offers COVID-19...

Paycheck Protection Program Overview

This article is an overview of the Payroll Protection Program or PPP, which is just one of the loans available under the new legislation.  What is the Paycheck Protection Program? The PPP is an emergency loan program intended to allow borrowers to continue to make payroll and pay other “allowable” costs over an eight (8) week period. The deadline for obtaining a loan under the Program is June 30, 2020. Your business needs to have been impacted by COVID-19. This can include staffing problems, revenue...

Corona Disaster Loan Help

SFS Tax & Accounting Services has an update on financial help and the latest on the Corona COVID-19 drama with financial news you can really use. Corona Disaster Loan Help - This announcement is about Federal & State money for you, for your business and clearing up the misinformation / incorrect information that is floating about. Cash is King: Conserve cash. If you are down to less cash than will cover a few months of living expenses, consider cutting...

IRS Warns Taxpayers About “Ghost” Tax Preparers

The Internal Revenue Service advises taxpayers to be wise about the legitimacy of whoever prepares your taxes. Why? "Ghost" tax return preparers. What is a "Ghost" preparer? Ghost preparers do not sign the tax returns that they prepare. They print out the return and tell the taxpayer to sign and mail it in themselves. If it's an e-filed return, the ghost still doesn't follow protocol, and he refuses to digitally sign as the paid preparer. When this happens, the IRS' sees the...

Hiring a Tax Preparer? Here are some tips…

Tax season is here, and you may be seeking someone new to prepare your tax return. Remember that you, the taxpayer, are ultimately responsible for all the information on your income tax return. Back in July 2019, the IRS reminded tax practitioners that all "professional tax preparers" must create a written data security plan to protect clients. It's federal law. Do not hesitate to ask your preparer or a potential tax pro how your information is protected. Choose your tax professional...