Affinity Accounting Services

05/29/2020

A new year means a whole new set of tax laws to follow. Thankfully, these four changes are all positive ones that can put more money in your pocket in 2020.

Tax updates aren't always bad news. Here are a few helpful changes for the new year.

05/28/2020

The space to be home, think and re-evaluate career paths, is unprecedented and could create space for new business ideas. So what do you do if you’ve taken this time to decide that you’d rather start a business than go back to a job?

With unemployment at an all time high - people, some for the first time, are finding themselves without a job. So what do you do if you’ve taken this time to decide that you’d rather start a business than go back to a job?

05/27/2020

The IRS increases tax brackets from year to year to account for inflation and reduce “bracket creep”.

05/26/2020

Under Section 139, payments for personal, family, living, or funeral expenses incurred as a result of the COVID-19 pandemic are both tax-free to the individual recipients and tax-deductible expenses for the business.

Businesses large and small may be able to implement a financial assistance plan to help their hardest hit workers from the COVID-19 pandemic.

05/25/2020

Many consider tapping into their retirement accounts during an economic downturn. Here's a helpful Q&A resource from the IRS about the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts.

Got questions about taking money out of your retirement accounts in the COVID-19-related economic downturn? Should you take a loan or distribution? Here are some answers.

05/22/2020

We never know when an emergency will strike. It pays to have a plan in place that can help get you and your loved ones through a crisis - the good news is, it's not too late to start.

It's helpful to have an emergency plan in place, whether it's for a personal emergency, a hurricane, or a pandemic. Find out what you should do to prepare.

05/21/2020

Federal agencies like the IRS, Federal Trade Commission, Social Security Administration and FBI have warned consumers and business owners in recent weeks to be vigilant as fraudsters try to take advantage of them during the coronavirus pandemic. Here are some red flags to look out for:

COVID-19 fears are fertile ground for malicious actors. Here's how to stay safe online.

05/20/2020

As states begin setting timelines for lifting their COVID-19 stay-at-home orders, businesses across America are contemplating what that might mean for their operations.

Businesses that have been shut down or operating at limited capacity are thinking ahead to what their post-coronavirus reality might look like.

05/19/2020

Estate tax exemption increases due to inflation. For tax year 2018 it was $11.18 million, rising to $11.40 million for 2019 and now $11.80 million for 2020.

05/18/2020

As part of your basic tax planning for 2020 you should keep these key 3 numbers in mind. Do you know what they are?

Key tax numbers have been inflation-adjusted for 2020. Many of these are important for employees, their paychecks, and their basic tax planning for 2020.

05/15/2020

If your stimulus payment was issued for the wrong amount (or sent to the wrong place), there may be ways to remedy the situation. Here are a few common stimulus check errors, and some insight on how they might be able to be fixed.

Issuing millions of stimulus checks means there are bound to be a few glitches. Find out how to handle them.

05/14/2020

Ready to file your taxes with the IRS? Double check and make sure you have all your documents to avoid delays.

Tax Tip 2020-18, February 12, 2020