Addington Jones, CPA, PLLC

Thank you, Parker County!

Our new Weatherford location proudly supports the Weatherford Chamber of Commerce

Bringing in the New Year with a New Location. We are excited to announce the opening of a Parker County office in the heart of downtown Weatherford. Contact us this tax season!

An important step to consider when trying to get ahead financially is budgeting. After all, how can you know where your money is going if you don't budget? How can you set spending and saving goals if you don't know where your money is going? You need to set up a budget whether you make thousands or hundreds of thousands of dollars a year.

IRS Announces Filing Season Open Date (It’s Later Than Expected)

IRS Announces Filing Season Open Date (It’s Later Than Expected)
https://www.forbes.com/sites/kellyphillipserb/2021/01/15/irs-announces-filing-season-open-date-its-later-than-you-expected/?sh=71b0b3c27bee

IRS Announces Filing Season Open Date (It’s Later Than Expected) The Internal Revenue Service (IRS) has announced that tax season will open on Friday, February 12, 2021.

Treasury Signals Intention To Make Cryptocurrency Like Bitcoin Reportable On FBAR

Treasury Signals Intention To Make Cryptocurrency Like Bitcoin Reportable On FBAR
https://www.forbes.com/sites/kellyphillipserb/2021/01/07/treasury-signals-intention-to-make-cryptocurrency-like-bitcoin-reportable-on-fbar/?sh=2161a0c31d49

Treasury Signals Intention To Make Cryptocurrency Like Bitcoin Reportable On FBAR For years, Treasury has advised taxpayers that virtual currency is not required to be reported on the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts, or what used to be called the FBAR.

New $300 Weekly Unemployment Benefit: When You Get It Depends On Where You Live

New $300 Weekly Unemployment Benefit: When You Get It Depends On Where You Live
https://www.forbes.com/sites/jenniferbarrett/2021/01/17/new-300-weekly-unemployment-benefit-when-you-get-it-depends-on-where-you-live/?sh=730fecde458e

New $300 Weekly Unemployment Benefit: When You Get It Depends On Where You Live Millions of jobless Americans are starting to see larger unemployment checks, as a result of the stimulus package passed late last month. But when you get the boost, and how big it is, can depend on what state you live in.

What is a W-9, and Who Needs One? | www.financialhotspot.com

What is a W-9 and Who Needs One? https://financialhotspot.com/2020/10/08/what-is-a-w-9-and-who-needs-one/

What is a W-9, and Who Needs One? | www.financialhotspot.com If you are a self-employed individual, the company or client who hires you will require you to fill out the W-9 form.

It may sound simple, but many people struggle with this first rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even a $1,000 a year can have a significant cumulative effect over the course of your working life.

IRS offers option when PPP loan forgiveness is denied

IRS offers option when PPP loan forgiveness is denied.
https://www.accountingtoday.com/news/irs-offers-option-when-ppp-loan-forgiveness-is-denied?utm_campaign=accountingtoday-tw&utm_medium=social&utm_content=socialflow&utm_source=twitter

IRS offers option when PPP loan forgiveness is denied Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package.

Identity theft a risk to consumers as online purchases increase

Identity theft a risk to consumers as online purchases increase
https://www.journalofaccountancy.com/news/2021/jan/identity-theft-attempts.html#.YBLDJR0dJ6c.twitter

Identity theft a risk to consumers as online purchases increase Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.

Don't forget to file!

7 Tips For Living Primarily on Social Security During Retirement | www.financialhotspot.com

7 Tips For Living Primarily on Social Security During Retirement https://financialhotspot.com/2020/10/02/7-tips-for-living-primarily-on-social-security-during-retirement/

7 Tips For Living Primarily on Social Security During Retirement | www.financialhotspot.com There are several ways you can maximize the value of your social security payments to ensure you get the most out of them.

Credit card debt is the number one obstacle to getting ahead financially. Those little pieces of plastic are so convenient to use, and it's so easy to forget that it's real money we're dealing with when we whip them out to pay for a purchase, large or small.

New Updates to Our Warning About Social Security Phone Scams

New Updates to Our Warning About Social Security Phone Scams
https://blog.ssa.gov/new-updates-to-our-warning-about-social-security-phone-scams/

New Updates to Our Warning About Social Security Phone Scams The Inspector General for Social Security, Gail S. Ennis, is again warning the public about widespread Social Security-related telephone scams. These scams may use sophisticated tactics to deceive…

10 Costly 401(k) Rollover Mistakes To Avoid Now

How to avoid these costly mistakes.
https://www.forbes.com/sites/davidrae/2021/01/31/10-costly-401k-rollover-mistakes-to-avoid-now/

10 Costly 401(k) Rollover Mistakes To Avoid Now Avoid these costly 401(K) rollover mistakes that will reduce your retirement security, increase your taxes and a slew of other financial problems.

The Art Of Asynchronous: Optimizing Efficiency In Remote Teams

What is Asynchronous Communication? How can it help your business?
https://www.forbes.com/sites/laurelfarrer/2020/12/10/the-art-of-asynchronous-optimizing-efficiency-in-remote-teams/

The Art Of Asynchronous: Optimizing Efficiency In Remote Teams Synchronous communication may be getting in the way of your organization’s success may include calendars full of meetings, workforce burnout, long-hours worked across time zones, inefficiency, and decreased productivity.

7 Places to Find Money to Pay Down Your Credit Card Debt | www.financialhotspot.com

7 Places to Find Money to Pay Down Your Credit Card Debt https://financialhotspot.com/2020/09/25/7-places-to-find-money-to-pay-down-your-credit-card-debt/

7 Places to Find Money to Pay Down Your Credit Card Debt | www.financialhotspot.com Credit card debt can drag you down financially and make it difficult to reach your financial goals. Here are 7 ideas for getting the funds to pay them down.

IRS Should Deliver Full Stimulus Payments To Those Who Owe Back Taxes, Urges Taxpayer Advocate

Still waiting for your stimulus check (a.k.a. economic impact payment(s))? Owe taxes?
https://www.forbes.com/sites/ashleaebeling/2021/01/29/irs-should-deliver-full-stimulus-payments-to-those-who-owe-back-taxes-urges-taxpayer-advocate/?ss=personalfinance&sh=5a89277f2c7f

IRS Should Deliver Full Stimulus Payments To Those Who Owe Back Taxes, Urges Taxpayer Advocate Should stimulus checks be seized for back taxes?

We are here to help, contact us today!

Here’s a friendly reminder to file your taxes on time!

Retirement Plans for Small Entities and Self-Employed | Internal Revenue Service

Retirement Plans for Small Entities and Self-Employed
https://www.irs.gov/retirement-plans/retirement-plans-for-small-entities-and-self-employed

Retirement Plans for Small Entities and Self-Employed | Internal Revenue Service How to choose, maintain and fix plan errors of a retirement plan for the self-employed

Tax Filing: Should You Itemize Deductions This Year? | www.financialhotspot.com

Tax Filing: Should You Itemize Deductions This Year? https://financialhotspot.com/2020/09/18/tax-filing-should-you-itemize-deductions-this-year/

Tax Filing: Should You Itemize Deductions This Year? | www.financialhotspot.com With all the recent and significant changes to the tax code, should you itemize your deductions or claim the standardized one?

10 Ways For Entrepreneurs To Power Through Tough Times

10 Ways For Entrepreneurs To Power Through Tough Times
https://www.forbes.com/sites/allbusiness/2021/01/23/10-ways-for-entrepreneurs-to-power-through-tough-times/?ss=small-business-strategy

10 Ways For Entrepreneurs To Power Through Tough Times During these tough times, many entrepreneurs are struggling to stay afloat. Get tips on how to stay focused on your goals and keeping moving forward.

is issuing a 2nd round of Economic Impact Payments. No action needed on your end. http://irs.gov/EIP

5 Essential Tax Tips for New Business Owners | Credit Karma Tax®

For legal and tax purposes, you can structure your business in different ways. Choosing the right one can impact how you file and how much you owe at tax time. Here’s a quick summary of the most popular business-structure options.
https://www.creditkarma.com/tax/i/tax-tips-new-business-owners#pick-the-business-entity-thats-right-for-you

5 Essential Tax Tips for New Business Owners | Credit Karma Tax® Whether you’re a gig worker or founding a company, starting a business and making money for yourself can be exciting. But making money means paying taxes. Here are some tax tips for new business owners.

5 Essential Tax Tips for New Business Owners | Credit Karma Tax®

5 essential tax tips for new business owners
https://www.creditkarma.com/tax/i/tax-tips-new-business-owners

5 Essential Tax Tips for New Business Owners | Credit Karma Tax® Whether you’re a gig worker or founding a company, starting a business and making money for yourself can be exciting. But making money means paying taxes. Here are some tax tips for new business owners.

7 Ways to Build Your Credit Score Without Using Credit Cards | www.financialhotspot.com

7 Ways to Build Your Credit Score Without Using Credit Cards https://financialhotspot.com/2020/09/11/7-ways-to-build-your-credit-score-without-using-credit-cards/

7 Ways to Build Your Credit Score Without Using Credit Cards | www.financialhotspot.com A good credit score is critical in today's borrowing mindset, but what can you do to improve it? These tips can get you started on the right path, even if you don't have any credit yet.

9 Basic Financial And Analytics Metrics Every Startup Founder Should Know

9 Basic Financial And Analytics Metrics Every Startup Founder Should Know
https://www.forbes.com/sites/abdoriani/2020/12/21/9-basic-financial-and-analytics-metrics-every-startup-founder-should-know/

9 Basic Financial And Analytics Metrics Every Startup Founder Should Know A startup cannot sustain value creation if its most basic and key metrics don’t add up. In this post, you will find nine essential metrics that every entrepreneur should know about and measure.

10 Strategies to Maximize Social Security

Here's how to increase your Social Security payout.
https://money.usnews.com/money/retirement/slideshows/10-social-security-claiming-strategies-that-workhttps://www.justanswer.com/sip/social-security?r=ppc|ga|1|2060448136|73552709462|&JPKW=&JPDC=C&JPST=money.usnews.com&JPAD=362737902209&JPMT=&JPNW=d&JPAF=txt&JPRC=1&JPCD=20190710&JPOP=VP&cmpid=2060448136&agid=73552709462&fiid=&tgtid=&ntw=d&dvc=c&gclid=EAIaIQobChMIspyD54Hl7QIVjXliCh0GCg1eEAEYASAAEgI93_D_BwE

10 Strategies to Maximize Social Security Here's how to increase your Social Security payout.

Second Stimulus Package: What's in It for You

Second Stimulus Package: What's in It for You
https://money.usnews.com/money/personal-finance/family-finance/articles/second-stimulus-check-and-expanded-unemployment-benefits-who-qualifies-and-when-does-it-start

Second Stimulus Package: What's in It for You There will be a second round of stimulus checks and enhanced unemployment benefits, thanks to an agreement between the House and Senate.

Charitable Contribution Deductions | Internal Revenue Service

reminder: Limits on charitable contributions have been temporarily suspended. You may deduct qualified contributions of up to 100% of your adjusted gross income. https://go.usa.gov/xfQZs

Charitable Contribution Deductions | Internal Revenue Service Understand the rules covering income tax deductions for charitable contributions by individuals.

7 Ideas to Increase Your Retirement Savings | www.financialhotspot.com

7 Ideas to Increase Your Retirement Savings https://financialhotspot.com/2020/09/04/7-ideas-to-increase-your-retirement-savings/

7 Ideas to Increase Your Retirement Savings | www.financialhotspot.com It's never too late to start saving for your retirement. Check out these tips to help you reach your retirement goals.

How the CARES Act changes deducting charitable contributions | Internal Revenue Service

IRSTaxTip: The CARES Act made changes in how many deduct charitable contributions. If you don't itemize deductions, you may now take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. https://go.usa.gov/x79jx

How the CARES Act changes deducting charitable contributions | Internal Revenue Service COVID Tax Tip 2020-153, November 12, 2020

7 Hidden Signs Difficult Times May Be Affecting Team Productivity

7 Hidden Signs Difficult Times May Be Affecting Team Productivity
https://www.forbes.com/sites/johnhall/2020/12/18/7-hidden-signs-difficult-times-may-be-affecting-team-productivity/?sh=3e51106a46fd

7 Hidden Signs Difficult Times May Be Affecting Team Productivity Your team members are not always going to share their struggles, but here are some things for leaders to look out for. Now more than ever, being there for your team is so important.

Economic Impact Payments | Internal Revenue Service

Some people who weren’t eligible for an Economic Impact Payment this year may be eligible for the Recovery Rebate Credit when they file their taxes in 2021. : http://irs.gov/eip

Economic Impact Payments | Internal Revenue Service We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.

5 Reasons to Claim Social Security at Age 70

Financial planners say wait until 70, but few Americans take that advice.
https://money.usnews.com/money/retirement/social-security/articles/reasons-to-claim-social-security-at-age-70

5 Reasons to Claim Social Security at Age 70 Financial planners say wait until 70, but few Americans take that advice.

10 Great Tips to Save You Money on Your Car Insurance Policy | www.financialhotspot.com

10 Great Tips to Save You Money on Your Car Insurance Policy https://financialhotspot.com/2020/08/28/10-great-tips-to-save-you-money-on-your-car-insurance-policy/

10 Great Tips to Save You Money on Your Car Insurance Policy | www.financialhotspot.com If you're thinking about buying a car, insurance is an important part of your budget. These tips can help!

New credits fund employers for Coronavirus-related paid leave | Internal Revenue Service

The Families First Coronavirus Response Act provides tax credits to reimburse employers for providing paid sick leave and paid family and medical leave to employees unable to work because of the Coronavirus. See guidelines: https://go.usa.gov/xvzu4

New credits fund employers for Coronavirus-related paid leave | Internal Revenue Service FS-2020-06, May 2020 — The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19).