Tillett Financial

02/06/2024

Charlie is stoked to greet the next client🐶

05/07/2021

Big changes are on the way! McIntosh CPA has purchased Tillett Financial and will officially take over operations starting June 1. McIntosh CPA, LLC will be doing business as Tillett Financial from that day forward. I wish to thank my mentor, Terry Tillett, for his years of guidance and for the trust he has placed in me to continue his legacy of honest and diligent financial planning. Terry has always put his clients at the top of his priority list; he treats every one of them like family, regardless of how much money they have invested with him. I have some large shoes to fill but am up to the task. I will do my very best to honor his name and legacy and continue to offer the same quality service he has his whole career. I’ve much to do to get ready, including the end of an extended tax season, so I need to get back to work. Terry and I thank all of our wonderful clients from the bottom of our hearts.

04/23/2021

One of several bags...like I said, I have the best clients in the world!🙂

04/16/2021

Well, that was a pretty rough tax season. It’s not even over, technically, either. Thank you all for making it the best one yet; I have the greatest clients in the world! Some big changes are coming soon. Stay tuned.

04/03/2020

If you are self-employed, or an independent contractor, or own a small business, or are a landlord, go to this link to submit simple SBA application for Economic Injury Disaster Loan (EIDL) if you are in need of financial help due to Coronavirus. This is, as I understand it, a $10,000 advance that will be converted to a grant and won't have to be repaid, though you may apply for more so long as the funds don't get used on the same expenses covered by the PPP loan, discussed below.

https://covid19relief.sba.gov/ #/

There's also one more small business program that will help cover 2.5 months of payroll, rent/mortgage and utilities for your business if, by way of a good faith attestation, you declare that the current economic uncertainty makes the loan necessary for your business operations. This loan is forgiven if the proceeds are spent on these expenses within 8 weeks. Contact an SBA-approved lender to apply for this loan, called the Paycheck Protection Plan (PPP).

03/28/2020

Regarding stimulus:

If you haven’t filed your 2019 return, you are still eligible for the advance of refundable credit being sent out soon via the stimulus plan; your 2018 return will be used in this case. If you haven’t filed 2018 yet, you should do that ASAP if you want the $1,200 per person, $500 per qualifying child (dependent under age 17 who you claimed child tax credit for on return). Keep in mind that this is being said to be a 2020 refundable tax credit on your 1040, similar to Earned Income Credit, so you still will be eligible to receive the money on your 2020 return regardless, though you need to have filed 2018 and/or 2019 to receive the advance in a few weeks. Apparently the Treasury will use the direct deposit information you listed on your tax return to get the money to you. If you had your refunds mailed instead of direct deposit, my understanding is that they will mail you the check. Income needs to be under $75K single, $112,500 head of household and $150,000 married to get full credit.

03/23/2020

In an effort to stop the spread of the Coronavirus, I will not be taking any in-person appointments effective immediately. It’s very easy to drop off your information and then finalize the tax return with a phone call. If an in-person meeting is truly necessary, we can schedule one for after the stay-at-home order has ended, especially in light of the 90-day extension recently granted. It would seem that my business is “essential” in terms of payroll processing and financial services, so I will keep the office open for these essential services and quick tax return pickups for those clients with return copies in my office. I will just not be taking in-person appointments due to the length of time required and close proximity of these appointments. Our lives are too important. I will of course also be available by email and phone (cell and office). Take care of yourselves and one another.

03/22/2020

More details for the so-important payroll tax credit for employers to help with Coronavirus-related leave pay for employees and self-employed individuals.

IR-2020-57, March 20, 2020 — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse the...

03/21/2020

President Trump signed into law the Families First Coronavirus Response Act on March 18. This Act will provide a refundable payroll tax credit for small to mid-size businesses (fewer than 500 employees) to fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This legislation will effectively enable employers to keep their workers on payroll. I have a feeling this is one of many new tax-related laws in the pipeline to assist businesses and taxpayers with Coronavirus-related financial issues.

03/20/2020

Treasury Secretary Steve Mnuchin said today that all individuals and businesses will have until July 15 to both file and pay income taxes, but he didn’t get into any details about the specifics. We don’t know if this is still limited to $1 million and $10 million for individuals and corporations, respectively, as indicated on Wednesday’s announcement about suspending penalties and interest on payment of taxes, though those limits obviously don’t affect many taxpayers. We also haven’t been given specifics regarding suspension of 1st quarter estimated tax payments for 2020 and whether extensions filed give taxpayers the traditional October 15 deadline or an additional six months after July 15, meaning a new deadline of January 15, 2021. I would think October 15 will still be the extended deadline. Those details will likely be addressed by a formal IRS notice in the near future. Be safe, everyone!