Alina Bondarenko, EA, CAA

05/25/2026

08/05/2024

A reminder to small business owners!

All corporations, LLCs and other business entities (except sole proprietorships and general partnerships) must file a Beneficial Ownership Information Report (BOIR).

This report includes company identifying and ownership information and must be reported with FinCEN (Financial Crimes Enforcement Network).

✅The deadlines are:

1. For companies that existed before January 1, 2024 - by January 1, 2025
2. For companies formed this year, after January 1, 2024 - within 90 days after registration.

‼️What happens if you are not able to file your BOIR on time?

There are penalties. A civil one, up to $500 for each day of violation, and a criminal one (submitting false or fraudulent information) - fines up to $10,000 and even up imprisonment.

Be careful and don't forget to file your BOIR!

06/10/2024

Who is a Head of Household (HOH)? It's an unmarried individual who provide a home for a qualifying person.

You are eligible for this filing status if:
• You are unmarried on the last day of the tax year
• If you are legally married, you can be considered unmarried if you didn't live with your spouse during the last 6 months of the tax year.

A qualifying person is:
• Your child / stepchild / foster child
• Any other relative who lived with you more than half a year and is considered as your dependent.

You must have paid more than half of the household's financial support. This may include rent, mortgage interest, utilities, etc.

What deduction you may receive as a HOH?

- Standard deduction, which is higher than that for single or married filing separately

- Child and Dependent Care Credit - for children under 13 and other dependents

- Earned Income Tax Credits (EITC) if you have a low to moderate income

- Child Tax Credit - for each qualifying child under 17. The credit amount will vary based on your income level

- Other Dependent Credit - for other dependents living with you such as elderly parents or other relatives

- Education Credits - if you, your spouse or your dependents are pursuing higher education, you may be eligible for American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC)

- Medical Expenses Deduction.

Feel free to reach out for a consultation to ensure that you qualify for a Head of Household filing status and maximize your potential deductions.

06/07/2024

If you are a small business owner and you have wondered whether you can deduct expenses related to your business - you do!

Swipe left to learn more about deductible business expenses.

05/15/2024

The percentage of tax payable depends on the amount of income you will receive in 2024.

For example, if your income is less than $11,600, you will pay 10% of tax. Otherwise, if you make it over $30,000, you should pay $5,426 + 22% of the amount over $47,150.

Each case is individual, and if you already know what your income will be this year, you can start planning your tax payment so that this won't be a dismay later.

During a consultation on tax planning we will analyze your financial situation, and make decisions to minimize your tax obligations with all legal requirements, fully understanding current tax laws and regulations.

12/31/2023

Some tips to make your process of preparing for 2023 tax season with a tax preparer even smoother:

•Gather all documents
Includes all financial documents (W-2s, 1099s, receipts and any other income-related docs). This is needed to have all information on investments, rental property and other sources of income.

•Organize your records
Sort by category to make it easier to identify sources of income, deductions and credits. There can be categories like income, expenses, charitable contributions and business-related expenses.

•Update personal info
Make sure that your personal information (name, SSN, address) is up-to-date and accurate, as discrepancies here can lead to processing delays.

•Provide info on life changes
You should inform your tax preparer of all significant life changes happening during the tax year, such as marriage, divorce, birth of a child or change in employment.

•Discuss financial goals
Your tax preparer can provide insights on how your tax strategy aligns with your financial goals.

•Discuss tax planning
For the current year, including contributing to retirement accounts, optimizing deductions and taking advantage of any tax credits for which you qualify.

•Review previous year return
Provide your tax prepare with a copy, this can help identify recurring patterns and changes in your financial situation.

11/27/2023

In my practice I often see the cases when people choose to apply for ITIN all by themselves and get their application rejected. Let's cover some reasons why the IRS might reject your application, and remember, don't hesitate to ask for professional help and double-check everything, without losing time and still seeking help in the end. Why? Because the reasons for rejection are not always obvious.

My goal is to ease the application process for you as much as possible, by getting all the details from you during the consultation. I do the application for you, so you don't have to get lost in the IRS's complex requirements, all you have to do is providing your ID, for me to get it verified, and be confident about the result!

So, what are the most common reasons for the IRS to reject an ITIN application?

1. Incomplete / incorrect information
Always double-check all your personal info you provide on the application form, including names, addresses, etc

2. Unsupported documentation
The IRS documentation requirements are specific, and if the required docs are missing or the format is not acceptable, it's the reason for rejection

3. Expired documents
Always make sure that your identification documents are valid (passports, birth certificates)

4. Mismatched information
It's very important to check for any inconsistency in the information you give in the application and in supporting documents. If some details don't match, it can lead to application rejection

5. Unverifiable foreign status
Provide clear and verifiable information regarding your foreign status, so that the IRS could verify it

6. Duplicate application
Each individual can only have one ITIN, so submitting multiple applications intentionally or by mistake will lead to confusion, and, most likely, - to rejection of all applications

7. Improper use of ITIN
The IRS may reject an application if they think the ITIN to be misused, not for the tax purposes as it should be, but for identification or any other reason

8. Signature issues
As many others, the ITN application form requires a signature, and if it's missing or doesn't match the information provided, the application will be rejected

9. Eligibility failure
If you're eligible for a Social Security Number, you can't apply for an ITIN, and your application will be rejected

10. Invalid reason for getting an ITIN
There's a certain list of reasons in the application form. If your reason is outside tax purposes, it may be considered invalid by the IRS, which will lead to the rejection of your application

11/27/2023

Welcome to my profile and let me say a few words about my experience.

As a CAA and EA I have over 8 years of advising my clients in tax return preparation for both businesses and individuals.

Having worked with small and mid-sized businesses, I advised in a new company setup, corrected neglected books, helped to optimize taxes and choose the most advantageous legal form for business.

As for the individuals, I assisted in ITIN and EIN obtaining, making the process seamless.

My goal is to maintain bookkeeping process as easy and smooth for my clients, as possible, in order to prepare their tax return fast, effectively and with all possible benefits, planning the result beforehand.

I would be happy to work with you and your business and make your bookkeeping and tax return processes clear and smart in terms of profit!

11/21/2023

11/21/2023

The need for ITIN usually arises when individuals are not eligible for a Social Security Number (SSN) but have U.S. tax obligations. Different business types and scenarios may require non-U.S. residents to receive an Individual Taxpayer Identification Number (ITIN). Here are some common cases for your considering:

1. Non-resident Alien Business Owners

Non-resident aliens who own businesses in the U.S. and have U.S. tax obligations. This applies to sole proprietors, partners, and owners of LLCs and corporations.

2. Foreign Investors

If foreign individuals invest in U.S. businesses and receive income from these investments, they need an ITIN for tax reporting purposes.

3. Partnerships with Non-Resident Alien Partners

U.S. corporations with non-resident shareholders may need to report their shareholders' ITINs on Form 1120 (U.S. Corporation Income Tax Return).

4. Real Estate Transactions

Non-U.S. individuals involved in real estate transactions subject to U.S. taxation may need an ITIN for reporting income, especially if there is tax withholding on the transaction.

5. S Corporations with Non-Resident Alien Shareholders

S corporations with non-resident alien shareholders may need to report their shareholders' ITINs on Form 1120-S (U.S. Income Tax Return for an S Corporation).

6. Foreign-Owned Single-Member LLCs

A single-member LLC owned and operated by a non-resident alien that is treated as disregarded entity may require an ITIN for tax purposes.

7. Individuals Receiving U.S. Source Income

If you are a non-resident alien and receive U.S. source income such as rental income or certain types of compensation, you may need an ITIN for tax reporting and compliance purposes.

8. When Applying for Business Credit

When a non-resident alien or foreign entity applies for business credit or opens a U.S. bank account, they may be required to provide an ITIN.

An ITIN is necessary to meet U.S. tax reporting requirements in each of these cases. Please remember that an ITIN is used exclusively for tax purposes and doesn't grant you the right to live or work in the U.S., and isn't an identification outside of tax matters.

It's very important to determine the specific requirements and documents regarding your individual circumstances, and I will be glad to give you a consultation on this matter!

11/13/2023

Summing up previous posts, here are my QuickBooks services.

Would be happy to work with you and your business, keeping its books clean and balance stable every month!