Wichita Area Real Estate Investors Association

 

“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do.” - H. Jackson Brown Jr

As we have seen this year, life can turn on a dime ... and we can't plan for every one of the specific ways it may do so. But we CAN plan broadly.

For me and my family, we've put some simple plans in place for a VARIETY of circumstances, not just financial or legal. And it truly helps us sleep better at night, just knowing we have it all covered.

And the unfortunate reality is that the most recent numbers indicate that almost 60% of Americans don't have a basic will -- and that's a big problem.

One of the big reasons that most families don't yet have this in place is because of some incorrect thinking about whether it's right for them or if it's even necessary. And sure, some just haven't gotten around to creating a will or trust. Others think they don't need an estate plan because they're not "rich".

I've even heard from people that they don't want to put it in place because when they do, it's sending some sort of death wish into the universe (or some such).

But here's the big problem -- if you continue without an estate plan, you could (instead) leave a legacy of bad feelings and attorneys' fees.

Because it is currently "tax season", this is something that might make sense to have done once your return is filed -- simply because you would have already compiled your financial documents in such a way that creating an effective pla ... Read More…

 

"Don't wait. The time will never be just right." - Napoleon Hill

As I mentioned last week, depending on how your business entity is structured, you could be paying anywhere from 15-25% (or more!) of your business revenue into the coffers of the IRS and various state departments of revenue.

This is the outcome of these blog posts: Guiding you in better business decisions.

Below is a list of what you will need during the tax preparation process on the personal side. Not all of them will apply to you -- probably MOST will not. Nonetheless, it's a useful tax checklist.

Before you get overwhelmed: yes, this is a long list -- but it's the unfortunate reality of our tax code that it's not even comprehensive! These items will cover 95% of small businesses. Really, this is for ensuring that you're able to keep every dollar you can keep under our tax code.

Also note: There are certain CARES Act (stimulus) and CAA (second stimulus) items that you will need to know as well. I've notated them in italics.

Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
-Amount of CARES Act (1st Stimulus) payment received - paid ~ April/May 2020 ($1,200 per adult, $500 per child)
-Amount of CAA (2nd Stimulus) payment received - paid ~ early January 2021 ($600 per adult & child)
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form ... Read More…

 

"15 years ago, the internet was an escape from the real world. Now, the real world is an escape from the internet." -Noah Smith

Depending on how your business entity is structured, you could be paying anywhere from 15-25% (or more!) of your business revenue into the coffers of the IRS and various state departments of revenue.

Which, of course, is what we're here to help you minimize.

That's why the "second stimulus bill" signed into law in late December 2020 was a welcomed one for us here at Utah Real Estate Accountants -- simply because it means small business owners are getting more choices during a very tumultuous time. Review this blog to see what is appropriate for your unique situation.

So, because we've been getting so many questions about these, I'd like to run them down as simply as possible so you can make the right choice of action. Because action will be necessary in some cases.

1) Revamped and expanded Employee Retention Tax Credit
In order to get this credit, you must have fewer than 500 employees  (previously 100). You also must have been forced to at least partially suspend business operations in 2020 or had a 20% revenue decline in any quarter compared with the same quarter of 2019.

If you pass these requirements, you can get a tax credit equal to 70% of each employee’s wages (which now includes health insurance payments), up to $10k per worker per quarter (for Q1 and Q2 of 2021). And there are some retroactive things you can do for 2020 as well, in ... Read More…