Midwest Business & Accounting Services

Tax Brackets are being adjusted for 2024.
https://www.foxbusiness.com/economy/irs-sets-new-tax-brackets-standard-deduction-2024

Make sure your reporting all your income!

https://www.wowt.com/2022/08/04/doj-mexican-restaurant-owner-underreports-cash-sales-by-51-million/

DOJ: Mexican restaurant owner underreports cash sales by $5.1 million The owner of several popular Mexican restaurants in Las Vegas has pleaded guilty to tax evasion.

Tax filing season will begin on Jan. 24, 17 days earlier than last year

The pandemic led to the IRS closing last tax season with over 35 million unprocessed returns, the agency is starting this year's tax-filing season a little earlier than usual

Tax filing season will begin on Jan. 24, 17 days earlier than last year

File your taxes as soon as possible this year to help prevent delays because the IRS is still facing "enormous" challenges that will make this tax season "frustrating" for Americans

Avoid paper filing and E-file your returns and chose direct deposit to your refunds faster

The IRS will send letters to recipients of the impact payments and the advance Child Tax Credit payments and taxpayers can also check for the amounts they received on the website IRS.gov.

The deadline for tax returns to be filed is Monday, April 18 this year, three days later than the normal April 15 deadline for filing taxes. The later date is a result of the Emancipation Holiday in the District of Columbia

Get your taxes e-filed and your refund direct deposited. Don't wait for IRS!

Let me help you file you taxes!

Even money earned illegally is taxable!

https://www.wowt.com/2021/12/29/time-is-running-out-return-stolen-goods-avoid-paying-taxes-them/

Time is running out to return stolen goods to avoid paying taxes on them According to the IRS, stolen property falls into the category of “other income” obtained throughout the year and must be documented.

Quite a few adjustments coming down the pipeline!

IRS announces standard tax deduction increase for tax year 2022 to adjust for inflation The adjustments generally apply to tax returns that will be filed in 2023, according to the IRS.

Make sure you send your venmo and PayPal statements to your accountant

IRS taking note of business transactions on PayPal, Venmo or other payment apps The change is part of the American Rescue Plan, and it’s designed to crack down on unpaid taxes.

I want to start by staying there is a certain level of reporting that banks already do you the IRS.

We care about you, your finances, we want you to know the facts, especially when it relates to concerning developments around public policy that expose your financial privacy.

The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers. So, how does this affect you? If passed, the proposal would require financial institutions, like ours, to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of customers’ consent.

We work for our customers and our community, not the IRS. We encourage you to join us IMMEDIATELY in telling Congress that proposed IRS bank account profiling is indiscriminate and intrusive for our customers.

Click here to protect your privacy!
https://icba.quorum.us/campaign/IRSprivacy/

More information for the bill can be found at: https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf?fbclid=IwAR3S0rZg4wnZAvShO2Y64ASfeXYkW6ERwHQtbeHXoFMSBoRasQiIuJ6El7A

IRS Overreach & Invasion of Financial Privacy IRS wants to require reporting of any bank account with more than $600. That likely includes you.

Getting an LLC setup can be costly. Check out this group and they are planning another event!

Event handing out free LLCs to people with business idea

Get your tax info in!

Why File Early?

If you think you will owe money, filing early will give you more time to pull together funds for any payments you may need to make. Having that time to get money together can help you avoid paying interest or penalties on top of your taxes.

If you're owed money, the sooner you get the paperwork in, the sooner you'll get your refund, or any stimulus money that you may be owed!Filing online with direct deposit is the "most foolproof way" to get your refund on time.

If you usually file on paper, consider using digital options this year: Paper checks may be seriously delayed due to the pandemic.

Midwest Business & Accounting Services, is a full-service accounting firm that caters to Omaha & Lincoln businesses of all sizes. We understand that it's difficult to make confident decisions without reliable financial information. While you focus on turning your vision into reality, we'll work to make the accounting function easy and ensure that your financial records are maintained correctly and accurately

It's tax time!
Let us know how we can help you!
Download our tax prep checklist.

https://midwesttaxfirm.com/client-forms

Personal care for your business & You

Parents who welcomed a new baby in 2020 and haven't received an economic impact payment for their child as a dependent could receive that payment as a refund or a tax liability decrease.

Babies born between January 1st and December 31st of 2020 could qualify for both stimulus payments.

The child credits are subject to the same phaseouts based on income limits as payments for adults.

$75,000 if you’re a single filer.
$112,500 if you’re head of household.
$150,000 if you’re married and file a joint return.

To get the extra stimulus money you need to file a tax return and get the money the IRS owes you as a recovery rebate credit.

You may be able to claim the Recovery Rebate Credit if:
-You are eligible but were not issued an Economic Impact Payment, or
-Your Economic Impact Payment was less than $1,200 ($2,400 if married filing a joint return) plus $500 for each qualifying child you had in 2020.

https://www.irs.gov/newsroom/recovery-rebate-credit

Recovery Rebate Credit | Internal Revenue Service Eligible individuals can claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR. These forms can also be used by people who are not normally required to file tax returns but are eligible for the credit.

To track your second stimulus check, visit the IRS’s Get My Payment website for more.

https://www.irs.gov/coronavirus/get-my-payment

Get My Payment | Internal Revenue Service Use Get My Payment to get information about your payment status and payment type.

Merry Christmas & Happy Holidays

The US Congress approved a new COVID relief package on Monday night, December 21st. Contained in this bill is another round of Paycheck Protection Program funding. Here are some highlights of the relief package.

- $284 billion in new funds for the Paycheck Protection Program.
‐ Includes a second draw option for prior PPP borrowers, with less than 300 employees and if they can demonstrate they have had a revenue reduction of 25 percent in gross receipts in one quarter of 2020 relative to that same quarter in 2019.
- Maximum PPP loan amount of $2 million (loan balance of previous PPP loan included in this calculation).
- A simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page certification.
- Repeal of a CARES Act provision that required PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount.
- Enhancements of existing SBA loan programs, including the 7(a), 504 and microloan programs.
- A new round of $600-per-person economic impact payments for eligible recipients (not subject to garnishment).


President Trump has yet to sign this COVID relief bill and it is not clear when the SBA will start accepting applications for this next round of PPP.

Let us know how we can help you!

Midwest Business & Accounting Services Send a message to learn more

What we hear over and over and over again is that you love what you do but you hate the demand of the back-office tasks.
It’s one of the biggest complaints of people who decide to start their own business.
Why?
It is a time-sucker! It isn’t what you’re good at and it takes you away from what you love!
Similarly, though, most business owners feel like they can’t afford or don’t need to hire a bookkeeper. You stay in the place of pain because you think it is just one of those things that comes along with owning your own business.
But that’s simply not true! The benefits of hiring a bookkeeper extend to almost every level of your business. In fact, we think it is a decision you can’t afford NOT to make.

SAVE TIME
As a business owner, time is one of your primary concerns. You want to be spending less time on the clerical tasks and more time on making your business thrive! You want to be able to take a vacation, spend time with your family, and maybe even spend time working on your golf game. That isn’t just for retirement!

When you hire a bookkeeper, you are bringing on an expert whose efficiencies and systems will free you up to grow your business and live your life.

REDUCE ERRORS
Maybe you’re passionate about making pies or maybe you create and sell gadgets for ukulele players. Whatever your passion, it’s probably not logging receipts, paying bills, and filing taxes.
When you hire a bookkeeper that does LOVE those tasks, you can gain confidence in your numbers because they know what they’re doing and they’re doing it well. Catching errors can keep you from hassle down the road with your state or federal taxes. They can also save you from late payments, and the list goes on.

The fact is, there’s a cost to keeping your bookkeeping in house. Often, it’s not only a lot of valuable time but other resources (including money!) too.

SAVE MONEY
We have already mentioned the money that can be saved by ensuring your bills and taxes are filed correctly and on time. But there’s more!
Using a bookkeeping service that keeps your books up-to-date monthly means that they will be able to spot trends in your spending, catch duplicate or unnecessary charges, and point out places where your spending isn’t in line with industry trends.
You will also maximize your tax benefits by making sure your expenses and assets are all filed as they should be.
Saving money is always great. But at the end of the day, your business also needs to be profitable.
Hiring a bookkeeper is vital in helping you get there!

Ready to hire a bookkeeper?

Here’s the bottom line: If you want to save time, infuse your business with expert financial advice, and gain direction for the future of your business, then you should hire a bookkeeper!

"When asked if my cup is half-full or half-empty my only response is that I am thankful I have a cup." - Sam Lefkowitz

The Governor opened up the Small Business Stabilization Grant for the 3rd time!

https://mcrcares.servicenowservices.com/nebraska

Home - Nebraska Coronavirus Relief Fund

Midwest Business & Accounting Services updated their website address.

I am excited to announce my website is finally live!!!

https://midwesttaxfirm.com/

Personal Care for your business and you Get started Today

Omaha Remote Learning Supplies organized by Courtney Howe OPS announced that they would be going fully remote for all grades. This is a stress on s… Courtney Howe needs your support for Omaha Remote Learning Supplies

Make sure to get your submissions in, grants are for $12,000. Deadline is today at 4pm!

https://getnebraskagrowing.nebraska.gov/nebraska-small-business-stabilization-grant/

Small Businesses | Get Nebraska Growing Nebraska Small Business Stabilization Grant for Small Businesses Small businesses across the state have been struggling in the wake of COVID-19. The SBS Grant allocates working capital to help them cover operating expenses. This will enable our small businesses to get back on their feet and back to....

Tax Day is almost over, get your taxes/extensions/payments efiled or postmarked!

Don't forget Wednesday is the Tax deadline...get your taxes filed or extended!

We also prepare individual and business tax returns

We specialize in Agriculture and Small businesses! Ask me about our pricing!