All tagged Tax season

COVID-19 Weekly Digest (May 5, 2021)

A seventh batch of around two million stimulus payments went out last week, bringing the total of payments sent by the IRS to around $384 billion. This latest batch of payments went out primarily to two groups. The first group is people for whom the IRS did not have contact information, but who recently filed a tax return. The second group includes people who received stimulus payments based on their 2019 tax returns, but who were eligible for a larger amount, based on a recently filed 2020 tax return. Nearly 730,000 payments in this latest batch were these “plus-up” payments.

Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system.

This way, come tax time, everything you need is all in one place. And well-organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information.

Here are four more ways to take the stress out of tax time, and get the most out of your return.