Barricklow's Acct/tax Service LLC.

Barricklow's Acct/tax Service LLC. Providing Accounting and Tax Services.

01/11/2022

Get ready for 2022 tax filing season
This year’s tax filing season starts Monday, January 24. The IRS shared important and tips and reminders. Remember, avoid processing delays by filing tax returns electronically with direct deposit.

The deadline to submit 2021 tax returns, pay any tax owed or apply for an extension of time to file is Monday, April 18, 2022, for most taxpayers.

Find more details and filing season dates on IRS.gov.

11/08/2021

Here are the six last-minute tax deduction strategies we covered in this article:



1.
Prepaying your 2021 expenses right now reduces your taxes this year, without question. While it’s true you kicked the can down the road some, perhaps you have an offset with a big deduction planned for next year. And even if you don’t have such a plan at the moment, you have plenty of time to create one or to put additional big deductions in place for 2022.

2.
The easiest year-end strategy of all is simply to stop billing your customers, clients, and patients. Once again, this kicks the can down the road some and makes your 2022 tax planning more important.

3.
With 100 percent bonus depreciation and increased Section 179 expensing in 2021, you can make significant purchases of equipment, machinery, and furniture and write off 100 percent of the value. Make sure you place the assets in service on or before December 31, 2021, to get the deduction this year.

4.
Charges to your credit cards can create deductions on the day of the charge. This is absolutely true if you are a sole proprietor or if you operate as a corporation and the credit card is in the name of the corporation. But if you operate as a corporation and the credit card is in your personal name, your corporation needs to reimburse you on or before December 31, 2021, to create the 2021 deduction at the corporate level.

5.
Make sure to claim all your legitimate deductions. Don’t think you have too many, and don’t try to avoid deductions that you think could be red flags. First, it’s unlikely you could have enough deductions to create red flags. Second, no one knows what those red flags are. Third, if the deduction is legitimate, it doesn’t matter if the IRS audits it—you’ll win. If your deductions exceed your income, you will have a loss for the year, and that loss can create an NOL. The good news here is that the NOL can give your business a cash infusion beginning next year.

6.
If you placed QIP in service in 2018 or 2019, you have some work to do because that QIP is no longer 39-year property; it is 15-year property and requires a 100 percent bonus depreciation deduction if you don’t elect out of bonus depreciation. For what’s needed, see CARES Act Fixes TCJA Glitch on QIP, Requires Action. For your 2021 QIP, make sure to place the QIP in service on or before December 31, 2021.

11/08/2021

Information: WA Cares:
Premium collection begins in January
Sent on behalf of Employment Security Department.
Employers won’t pay any share of WA Cares premiums for their employees. Beginning Jan. 1, 2022, however, you must report your employees’ wages and hours and collect WA Cares premiums from employees’ wages—the same way you do now for Paid Leave.

When will my employees be able to provide their exemption approval letters?
If they’ve completed their application for an exemption from WA Cares on or before Dec. 1, 2021, we will process it before premiums take effect in January. We’re reviewing applications in the order we received them. We’ll send them a confirmation email after we process their application.

We’re working as quickly as we can, but we can guarantee we’ll process their application before the end of the year only if they submit on or before Dec. 1, 2021.

Join a live webinar


We’re inviting workers to attend live informational webinars where they can learn more about what benefits are available, how to vest and other details about the state’s approach to providing long-term care coverage. They’ll have an opportunity to speak directly with WA Cares Fund staff and get their questions answered. Pre-registration to attend is not required.

Employees who can’t attend a webinar are encouraged to visit wacaresfund.wa.gov or check out our informational flyer for more information about the program.

Learn more


We’ve got your back. There’s plenty to know about WA Cares, and we’re committed to making your experience as easy as possible by providing the tools and information you need. Take a look:

Visit wacaresfund.wa.gov to learn about the benefit and what to expect. Your workers may look to you when they have questions about WA Cares, and we invite you to share our website as a resource. Our contact info is available if they need assistance.
Check out our Employer page for helpful program information relating to your business. You can also find more resources in our Employer Toolkit, including a multi-language flyer that can help workers understand the benefit.
Read our Learn more page to read our frequently asked questions, including specific questions for employers.

Every little bit helps!issue Number: Special EditionInside This IssuePayment Deadline Extended to July 15, 20201. Paym...
03/18/2020

Every little bit helps!

issue Number: Special Edition
Inside This Issue

Payment Deadline Extended to July 15, 2020
1. Payment Deadline Extended to July 15, 2020
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

This payment relief includes:

Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies.

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Tacoma, WA

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+12532271527

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