New Year. No Fear. We’re Here!
Happy New Year!
We hope you had another joyous holiday season. The new year is upon us and so is another tax filing season.
With all the late-breaking tax law changes, advance payments of the child tax credit, and several stimulus payments, this year’s tax return may be a bit chaotic. Included in this month’s newsletter are some tips to help your tax journey be a smooth one.
There are also timely updates to retirement plan contribution limits for 2022 and a great list of ideas to help your small business prepare for the upcoming tax season.
Due to the ongoing debate of proposed legislation in Washington D.C., this year’s tax filing season will seem a bit chaotic. With proper preparation, your situation can be orderly… but only if you prepare!
Please enjoy the information, and pass along articles of interest to all your family and friends. And as always, please call if you have questions or need help.
Steve Moskowitz, Esq.
Please call if you would like to discuss how this information could impact your situation. If you know someone who could benefit from this newsletter, feel free to send it to them.
- January 17
Martin Luther King Jr. Day
- January 18
4th quarter installment of 2021 estimated income tax is due for individuals, calendar-year corporations and calendar-year trusts & estates
- January 31
Last day to receive 5% off tax preparation services by Moskowitz LLP
In This Issue
- 2021 Tax Preparation
- 2022 Goals – Time to Update!
- Profit Optimization for Business Owners
- The Moskowitz ‘Practical Tax’ Podcast Returns!
- Steve’s Recent Appearances
2021 Tax Preparation
Moskowitz Makes it Easy!
2021 Tax Preparation
Tax Reporting documents (ex: W2, 1099, 1098, etc) will be in the mail or email starting this month. Be on the lookout for them and create a folder that you can pop them into easily so when you receive our invite via email, you can then upload your tax documents ALL AT ONCE.
Beating the tax season rush doesn’t just save you stress. It also saves you money. You’ll receive a 5% discount if you hire us before January 31 to prepare your 2021 tax return.
New for 2022
In January 2022, the IRS will send Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed (if applicable) during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records, as it is needed when preparing your tax returns.
Moskowitz tax software just got easier than ever:
To help with this year’s returns, check out our Client Portal page and find out how using our software is now easier than ever. Our portal can help with
- Tax Preparation
- Invoice Payment
- Secure Document Uploads
- Quickbooks Online.We have a partnership program with Quickbooks Online (QBO) and we will help you set up your accounts for online bookkeeping.
With the rapid advances in online technology, we are moving our accounting clients to the QuickBooks Online platform where we can easily engage and collaborate with clients throughout the year. This platform saves our clients time collecting and organizing tax documents and enables us to be more engaged advisors with our business clients.
Our goal is to save you time, minimize your tax liability and help you reach your financial goals. Call us today at 415-394-7200 to hear how your business can benefit using QuickBooks Online.
2022 Goals: Get An Early Start!
That new calendar on the wall means it’s good time to check in and update your financial standings:
To help you determine if and/or how much to adjust your 2022 withholding, use the IRS Tax Withholding Estimator as soon as you can. Have your most recent pay stub and a copy of your 2021 tax return handy. It is a good idea to check your withholding every year. And the earlier in the year you do it – and make any necessary adjustments – the better. That way your tax withholding will be even and accurate throughout the year.
Note, you aren’t required to submit a new W-4 form to your employer unless you’re starting a new job. If your company doesn’t receive a new form from you, it will just continue to withhold taxes based on the most recent W-4 it has on file for you.
Pension/Retirement/Health Savings Account Contributions:
While you are reviewing your withholding and tax payments, why not review your retirement contributions? Review this handy chart and discuss your contribution picture with your tax preparer.
Update your estate plan.
Now is a good time to review your will and make any necessary adjustments. For example, your will may need to be updated due to births, deaths, marriages or divorces in the family or other changes in your personal circumstances. Also review trust documents, powers of attorney (POAs) and healthcare directives or create new ones to facilitate your estate plan.
Re-balance your portfolio.
Due to the volatility of equity markets, it’s easy for a portfolio to lose balance against your investment objectives. To bring things back to where you want, review your investments periodically and reallocate funds to reflect your main objectives, risk tolerance, and other personal preferences. This will put you in a better position to handle the ups and downs of the markets.
For Business Owners and Business Decision Makers:
Did You Know That Moskowitz LLP Offers Profit Optimization Services?
We understand that many businesses do not have the luxury of an in-house accounting team or an accountant that can provide helpful insights for making business decisions. This is why Moskowitz LLP has created a suite of services to solve this problem.
Our Moskowitz LLP Profit Optimization team is an extension of your tax services and management team. In providing your tax services, we are a natural fit to provide you with data-backed insights, forecasting, budgeting, and goal tracking so you can make sound business decisions. Partnering together helps out at tax time as well, because your books and accounts will be up to date, and monthly meetings allow us to better understand your business to discover additional tax planning opportunities.
Whether you and your management are navigating scaling your business, restructuring it, defining and aligning company goals, or simply looking for business consulting, our Moskowitz LLP Profit Optimization team can elevate your approach.
Check out our free webinar on Profit Optimization to learn how we can help
Watch Our Profit Optimization Webinar!
The ‘Practical Tax’ Podcast Returns!
We are excited to report that we have re-launched our podcast!
Beginning February 2022 you can expect a weekly episode of ‘Practical Tax’ hosted by Steve Moskowitz for more practical tax tips and issues near and dear to his heart. Feel free to email us with any suggested topics you’d like to learn more about.
In The News:
Steve was recently quoted in NBC news on: Declaring illegal income on your tax returns.
Listen: Steve’s Recent Podcasts
The Millionacres Podcast: Real Estate and Taxes w/ Steve Moskowitz.
Wealth Formula Podcast: Is the IRS Going to Audit You?
Your First $100K Show – Life Coaching, Digital Marketing, & Business Growth
KGO Radio: Small Business Benefits in the American Rescue Plan
Watch: Steve’s Recent Webinars
IRS Cryptocurrency Enforcement policies of ‘Operation Hidden Treasure’
California Tax Exit Planning: Key State Tax Issues and Shifting Residency to Maximize Tax Benefits