Graham Van Roekel, CPA, PLLC

04/04/2022

The clock is ticking on filing your 2021 taxes (or extension filing).

Time to clear some room in your schedule...

04/01/2022

Ready to be your own boss?

If you've been dreaming of starting a business, but don't have a lot of starting capital for it, there's some good news. You CAN start a business on a budget.

Check out these small-budget business startup tips from the U.S. Chamber of Commerce.

Prioritizing low overhead can make starting a business much more affordable than you might expect.

03/31/2022

NFT Tax Implications for Raleigh Investors

As virtual currency and trading becomes increasingly more popular, knowing the NFT tax (and crypto tax) implications is essential to keeping things in line with the IRS.

03/31/2022

If you're not in the habit of filing a tax return because you fall below the income threshold for reporting or just don't make a wage at all, here are a few reasons you should still file a return this year.

1. Expansions to the Child Tax Credit (didn't get the advance payments last year - you still can)
2. Increases to the Child and Dependent Care Credit (up to $4,000 for one qualifying person, $8,000 for two)
3. A bigger Earned Income Tax Credit (minimum $1,500 if you qualify)
4. Recovery Rebate Credit (a chance to still claim the 3rd stimulus)
5. Charitable deductions (up to $300 for singles or $600 for married couples filing jointly)

03/30/2022

The SBA announced the additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans.

That spells relief (and flexibility) for small business owners affected by the pandemic and the recent supply chain and inflation difficulties during a growing economic recovery.

However note well: the interest is still racking up (albeit at a very reasonable rate).

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03/29/2022

What do you think?

Are these tax write-offs savvy or ridiculous?

Your fellow taxpayers have successfully claimed write-offs for many things that most of us wouldn't even imagine. But be careful if you plan on following their lead.

03/28/2022

Crowdfunding has been used for all sorts of things from charitable donations to movie making to the creation and selling of some great (and not so great) inventions.

Before this year, crowdfund recipients only had to report the income on their taxes if goods or services were given in exchange for 200 or more transactions adding up to the gross amount of $20k or more in a calendar year.

But with the passage of the American Rescue Plan, reporting requirements have changed significantly.

Now, any amount more than $600 accrued in a calendar year regardless of the number of transactions requires an accompanying 1099-K form (Payment Card and Third Party Network Transactions) to report as income.

Of course, this excludes charitable gifts (as long as the recipient demonstrates that funds have been transferred to the needy individual for whom the crowdfunding campaign was created).

03/25/2022

Slinging cash toward school supplies for students who can't or for special classroom projects is common fare for a lot of teachers.

And we know it's not much, but the IRS does give a little kickback for that professional investment.

Eligible teachers can deduct up to $250 in unreimbursed expenses.

Deductible expenses include:
• Professional development course fees
• Books
• Supplies
• Computer equipment, including related software and services
• Other equipment and materials used in the classroom
• Personal protective equipment, disinfectants, and other supplies used for the prevention of the spread of coronavirus

03/24/2022

Long days and shorter nights... we all know the tiredness that sets in from a busy work week.

If you think your boss should institute mandatory naps at work, raise your... thumb.

03/23/2022

The shock of the last two years hasn’t really worn off and new challenges are mounting as war affects the globe.

And the greatest concern among small business owners right now? Inflation and how it is affecting their business. Most are raising prices, some are reducing staff, some are taking out loans to keep their head above water.

So, even though we're in the thick of things over here ... I want to assure you that we're here for you as you face the effects of inflation in your business.

03/22/2022

The IRS is all about accountability with income reporting... so it only seems fair that they also be held accountable for the backlog of returns and the ensuing complications.

A group of bipartisan lawmakers is pressing the IRS for answers regarding "numerous" concerns amid a challenging tax season.