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Tax preparation plays a crucial role in managing finances and ensuring compliance with tax laws. Here are some advantages to consider: Expert Knowledge and Experience : Tax professionals  stay up-to-date with the ever-changing tax code. They understand intricate tax laws, deductions, credits, and incentives. Their expertise helps you navigate complex scenarios, potentially saving you money and avoiding common pitfalls. Time and Effort Saving : Preparing taxes can be time-cons

What’s the Deal with the $6,000 Social Security Deduction? If you’re 65 or older, there’s some good news coming your way: starting in 2025 , you can knock $6,000 off your taxable income  thanks to a new deduction aimed at seniors. Sounds great, right? Let’s break it down in plain English. Who Gets It? If you’re 65 or older  by the end of the year, you qualify. It doesn’t matter if you itemize or take the standard deduction—you still get it. Income limits apply: Full deduction

Managing tax deadlines can be a challenge for any business. Missing a federal tax due date can lead to penalties, interest charges, and unnecessary stress. For businesses preparing for the 2025 tax year, understanding the key federal due dates in 2026 is essential to stay compliant and avoid last-minute scrambles. This guide breaks down the most important tax deadlines for all business types, helping you plan ahead and keep your finances on track. Key Federal Tax Deadlines fo

Starting in 2025, a major tax change is reshaping the financial landscape for millions of tipped workers across the U.S. The “No Tax on Tips”  provision, part of the federal tax reform package known as the One Big Beautiful Bill , allows eligible employees to deduct up to $25,000 in tips  from their taxable income each year. This deduction applies through 2028 and is designed to put more money back into the pockets of those who rely on gratuities as a core part of their earni

In the fast-paced world of business, accurate record-keeping is the cornerstone of financial success. For small businesses, efficient bookkeeping practices can make a significant difference in their growth trajectory. Managing expenses, reconciling accounts, and navigating income tax preparation are vital aspects that require careful attention. In this editorial, we will delve into five essential bookkeeping tips tailored for small business professionals to help streamline th

Beneficial Ownership Information (BOI) Reporting is a requirement for many companies to report infor about the owner/s of the company.

The 4th of July, known as Independence Day, is commemorated in honor of the USA's declaration of independence. It marked the liberation of 13 colonies from British rule, as they were declared free through a signed document outlining the reasons for seeking independence and affirming their right to self-governance. Since the declaration of independence, this occasion has been annually celebrated as a special holiday filled with patriotic speeches, parades, fireworks, and barbe

Starting July 1, Nevadans will earn a minimum of $12 per hour, which is an increase from the previous minimum wage of $11.25 per hour, or $10.25 per hour with qualifying health benefits provided by the employer. Today, the new law comes into force as a result of the debate that Nevada's employees should not face a reduced minimum wage just because their employers provide specific health benefits. Opponents contended that the alteration might negatively impact employers by eli

The IRS and its Security Summit partners remind you to watch out for a variety of aggressive schemes that may arrive in email, by text, over the phone or through the mail. If you get one of these messages, don’t  reply or click the link. Report the scam by sending the email or a copy of the text to  phishing@irs.gov : Phishing: An email sent by fraudsters claiming to come from the IRS. The email lures the victims into the scam with a variety of ruses such as enticing victims

The final rule for the Pregnant Workers Fairness Act (PWFA), which applies to employers with 15 or more employees, has been published and takes effect June 18, 2024. With over 100 pages of preamble, regulations, and interpretive guidance, there’s obviously a lot to take in. Thankfully, you don’t need to spend a whole afternoon reading unless or until you’re considering denying an accommodation—that’s when you should take a close look at what the Equal Employment Opportunity C

The Q2 deadline to file Form 941 with the IRS is July 31, 2024. Is your business required to file Form 941 with the IRS quarterly to report social security, Medicare, and income tax withholdings from your employees' paychecks?    McGee Tax Service is ready, willing, and able to prepare your Form 941 for the second quarter of 2024. Contact us at info@mcgeetaxservice.com

The IRS has extended tax deadlines to September 3, 2024, for individuals and businesses affected by the tornadoes in Ohio. This relief includes extended deadlines for filing returns and making payments, giving affected taxpayers more time to recover. Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA ), individuals and households that reside or have a business in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miam

Beneficial Ownership Information (BOI) Reporting is a requirement for many companies to report information about the individuals who...

"How Will the Final Rule on Restoring and Extending Overtime Protections Impact Your Business?"

Deadline for filing the 941 quarterly form is approaching fast. It is only 7 days away Tuesday April 30.. IRS Form 941  — also known as the Employer’s Quarterly Federal Tax Return — is the form businesses uses to report income taxes withheld from your employees’ wages. It also provides and report Social Security and Medicare taxes. Who needs to file Form 941 Anyone running a business and has employees. In addition they must run payroll, file payroll taxes , and submit sever

September 21, 2018 If you asked for an extension to file your tax return, remember the deadline to file your return is Oct. 15 . Contact us today to make an appointment or Call 775-419-4168 Learn more in this IRS YouTube video: https://www.youtube.com/watch?v=2cFIHwQadn4.

October 31, 2018 The IRS encourages several key groups of taxpayers to perform a “paycheck checkup” to check if they are having their employer withhold the right amount of tax for their situation, following recent tax-law changes. It’s especially important for certain people, to check their withholding. They are people who: Belong to a two-income family. Work two or more jobs or only work for part of the year. Have children and claim credits such as the Child Tax Credit. Have

October 31, 2018 The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.

November 1, 2018 What You Need to Know: The Form 1040 for tax year 2018 is a shorter form and replaces the current Form 1040, Form 1040A and the Form 1040EZ. The new Form 1040 can be supplemented with up to six additional schedules if needed. If you prepare and file your own taxes electronically, you must sign and validate your electronic tax return by entering your prior-year AGI or your prior-year Self-Select PIN. Some taxpayers using a software product for the first time m

November 3, 2018 What You Need to Know: Due to tax changes in the Tax Cuts and Jobs Act, many taxpayers’ withholding went down in early 2018, giving them more money in their paychecks in 2018. You may receive a smaller refund - or even owe an unexpected tax bill – when you file your 2018 tax return next year, especially if you did not adjust your withholding after the withholding tables changed.Other changes that affect you and your family include increasing the standard dedu