by KNSS | May 11, 2022 | 2022 May
Did you miss this year’s personal tax filing deadline?Unfortunately, the IRS does not simply look the other way with regard to taxpayers missing the tax filing deadline. Not filing your taxes by the due date will result in the following assessed IRS penalties...
by KNSS | May 3, 2022 | 2022 May
Contributing to a Health Savings Account is unique by allowing for tax-deductible contributions combined with tax-free distributions. No other tax-advantaged savings opportunities allow for both. With each passing year, HSAs continue to gain in popularity. To be...
by KNSS | May 3, 2022 | 2022 May
We first wrote about I-Bonds in an article included with our November Newsletter available at: Earn A Guaranteed And Risk-Free 7.12% Interest Rate Through April While Making Your Portfolio A Little More Conservative By Purchasing I-Bonds I-bonds are a great place to...
by KNSS | May 3, 2022 | 2022 May
Last year around Thanksgiving, Massachusetts issued regulations for the new Entity Level Tax that allows Mass S-Corps and Partnerships to essentially pay the personal Massachusetts income taxes for their owners as a deductible business expense to the practice. The...
by KNSS | May 3, 2022 | 2022 May
If you received an ERC for 2020, we’ll be preparing an amended 2020 tax return this summer for you to report the amount of the ERC received as a decrease to deductible wages. Expect to owe taxes of about 35% of the ERC received with the amended tax return. While...
by KNSS | May 3, 2022 | 2022 May
Finally, our clients are now receiving IRS Notices as well as checks from the IRS for the Employee Retention Tax Credit based on the paperwork we prepared and our clients signed and submitted months ago. The good news is that it appears that the IRS is processing the...
