Tax Planning vs. Tax Preparation

Tax Planning vs. Tax Preparation. What’s the difference?

Have you ever heard the old saying “It’s better to prepare and prevent than to repair and repent?” It’s one of our favorites! At our firm, we appreciate a proactive approach rather than a reactive one. That’s the difference between Tax Planning and Tax Preparation.

Tax Planning is PROACTIVE and happens throughout the year, typically through semi-annual, quarterly or even monthly “check-ups”. During these check-ups, your financial activities can be measured against your financial goals to be sure that you’re on the right track. Are you doing what you need to do to reach your goal? For example, if your goal is to maximize your tax deductions and minimize your tax liability, we can help you with our Tax Planning Services.

We also offer Tax Preparation services at our firm. Tax Preparation is REACTIVE and happens after the tax year has ended. It involves reporting the financial activities for the previous calendar year. With few exceptions (such as retirement savings deductions), once financial decisions are made, they cannot be modified. When filing tax forms, the preparer can only work with the data that is provided.

Contact our office at cmacpa.net to schedule a consultation if you are interested in either of these services.

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Everything’s bigger in Texas…even the tax filing extensions.

Everything’s bigger in Texas…even the tax filing extensions.

Quarterly Estimated Tax Payments are typically due by April 15th. However, some Texans will get a bit longer. Due to the devastating Winter Storms that occurred there in February, victims of that storm will have until June 15, 2021 to submit their Quarterly Payments.

Affected Texans also have until June 15th, 2021 to submit various personal and business tax returns according to the IRS.

This also means that those Texans living in Federally Declared Disaster Areas will have until June 15th to make contributions to their 2020 IRA’s for tax savings purposes.

The IRS frequently allows exceptions to filing deadlines for Federally Declared Disaster Areas. To see if you live in an area that qualifies for these extensions and other Emergency Relief, please visit https://www.irs.gov/businesses/small-businesses-self-employed/disaster-assistance-and-emergency-relief-for-individuals-and-businesses

 

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Taxpayers are Leaving $1.3 Billion in Refunds on the Table

The IRS is still holding $1.3 Billion dollars in refunds from 2017 and time is almost out on collecting it! Contact our office at cmacpa.net so we can help you collect YOUR money before its too late!
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Beginning April 6th Recipients of the EIDL Program

Are you recipient of the EIDL Program? Starting TODAY you are eligible to increase your loan up to $500,000! Have questions on how to do this? Contact us at cmacpa.net and we would love to sit down with you!
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Starting April 6th New SBA Funds Are Available

Starting April 6, new SBA funds are available through the EIDL program. If you’ve already received a loan through that program, the SBA will reach out to you via email with extended options. Be on the lookout!
Connect with us on our website at cmacpa.net
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Own An Event or Entertainment Venue?

Do you own an entertainment or event venue? The U.S. Small Business Administration is close to opening a grant that will help you AND your business recover from the COVID19 pandemic. We want to help YOU with your application! Connect with us via our website cmacpa.net to schedule an appointment with our staff.
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Still Waiting For Your Stimulus Check?

Missing your stimulus check? The Internal Revenue Service has delivered 127 million payments worth approximately $325 billion, the agency said. But among those still waiting for payments are about 30 million Social Security recipients. The House Ways and Means Committee sent a letter to the IRS asking about reported delays in sending payments to Social Security, Veterans Affairs and Railroad Retirement Board benefit recipients.
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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A $1,400 Stimulus Check Isn’t The Only Money You Could See

The $2 trillion COVID-19 stimulus bill will bring your family far more money than the past two COVID-19 relief bills have. The American Rescue Plan Act of 2021 does include a third stimulus check of up to $1,400 per person, but it also expands the Child Tax Credit and provides funding for affordable early child care, aging and disability services. It also raises the maximum earned income tax credit for adults, including older workers.
Read more about the new stimulus bill here: https://www.cnet.com/…/stimulus-package-all-the-new…/
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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Tax Tips for Food Service Workers

Work in foodservice? Your tax situation can more frustrating than seating a party of 8 thirty minutes before closing. But it doesn’t have to be. Here’s three tax tips to maximize your tax return:
1. Understand how your tips get taxed
2. Learn how to properly report your tip income
3. Know what out-of-pocket expenses you can deduct
Read the full article here for more information: https://www.creditkarma.com/…/tax-tips-for-foodservice…
If you haven’t already filed your tax return and would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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March 20th Sales Tax Filing Deadline

If your #smallbusiness is required to file #salestax today is the deadline!
If you would like assistance with tax preparation and/or planning, contact our office at www.cmacpa.net to schedule a consultation.
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