Sanders & Associates - 2020

03/12/2024

Tax Tip of the Day, Just Check!
Fine tune your paycheck withholdings. The average tax refund in 2022 was $3,039- an increase oof more than 7% and about $250 a month. But on the flip side withholding too little taxes from your paycheck may lead to owing money (may even be charged a penalty). Check with your HR department for information about payroll withholdings at any time!

01/11/2024

Tax Tip: Increase your retirement account contributions to reduce taxable income!

11/29/2023

Tax Tip #1: Please File on Time!
If you don’t file federal taxes or file for an extension by April 18, 2023, you may face hefty fines. State tax filing deadlines vary, so check with your state’s department of revenue.
Tax deductions: reduces the total income your taxes are based on. Example: $50,000 taxable income- $2,000 tax deduction = $48,000 new taxable income
Tax credit: reduces the total income tax owe.

01/12/2023

Expenses related to gig economy income may be deductible
Individuals involved in the gig economy may be able to deduct expenses related to their gig income, depending on tax limits and rules.

Taxpayers may be able to lower the amount of tax they owe by deducting certain expenses.
It is important for taxpayers to keep records of their business expenses.

02/16/2022

Tax Tip : The most recent numbers show that more than 45 million of us itemized deductions on our1040s-claiming $1.2 trillion dollars' worth of tax deductions. That's right: $1,200,000,000! That same year, taxpayers who claimed the standard deduction accounted for $747 billion. Some of those who took the easy way out probably shortchanged themselves. (If you turned age 65 in 2020, remember that you deserve a bigger standard deduction than younger folks.)

02/11/2022

Hey..yall know what time it is..Its time to get your taxes done...:-)

05/05/2021

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Accountant MBA - Provides Accounting and Financial Services to Individuals, Small Business and Non for Profit Organizations.

03/31/2021

Happy Tax Season!

We, at Sanders & Associates, devote our time to help you and your business maximize gains and minimize your tax liabilities by providing excellent services to help prepare you for growth and a successful result.

Accountant MBA - Provides Accounting and Financial Services to Individuals, Small Business and Non for Profit Organizations.

03/25/2021

With over 30 years of combined experience in accounting, our members at Sanders and Associates are professionally equipped to provide you and your business with comprehensive financial advice and services. Visit our website at www.ssanders2020.com to learn more on how we cater to your business.

Our Mission is to provide affordable tax, accounting, finance and business services to the undeserved residents and small business in the greater Philadelphia area.

03/27/2020

Gd morning FB Family...during these trying times..I hope everyone is taking the necessary precautions in light of this Covid 19 pandemic...We at Sanders and Associates are committed to serve our community in any way we can ...we will be available for consultation for individuals and businesses to assist in processing SBA loans and other financial services..throughout this crisis,,,as well as continued tax services on line and through video conferencing as necessary...Shaloam and continued blessings.....!!

10/24/2019

Tax tip #5
Make use of the tools the IRS provides
There are important decisions to be made when you file your taxes, such as whether you'll itemize or claim a standard deduction, which filing status is the right one, and whether your child or someone else you're supporting qualifies as a dependent. The decisions you make on all these issues can have a major impact on the amount you pay in taxes.
Fortunately, the IRS has tools available that can help you make the right choices. You can use this IRS tool to find out your filing status and this one to see who you can claim as a dependent. The IRS also provides info on the standard versus the itemized deduction. If you can deduct more by itemizing -- or claiming deductions for specific things such as paying mortgage interest and state and local taxes -- then you should itemize. Otherwise, claiming the standard deduction is better to maximize your savings.