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Tax Tips: Do These Things Before December 31

With Christmas only about a week away, we're all busy preparing for the holiday. However, if you haven't already taken care of these items, you should take the time to complete these tasks before the end of the year to get ready for 2020 taxes.

Charitable Contributions

Avoid Scams From Identity Thieves: What You Need To Know To Protect Yourself

Take extra care and watch out for scams during the busy holiday shopping period and in advance of the 2020 tax season.

More than 90% of all data thefts begin with an email phishing scam. But, you also need to watch out for scam letters, phone calls and social media posts.

Here’s what you need to know to protect yourself:

5 Tips For Collecting Your Receivables Faster

Do you find yourself in a cash crunch too often? The solution could be shortening the amount of time it takes to collect your accounts receivable.

Here are 5 Tips to help you get your money faster:

Tax Credits for Education

Are you paying for higher-education for yourself or a dependent? Don't overlook the tax credits offered by the IRS.

There are two credits available to help taxpayers offset the costs of higher education:  The American Opportunity Tex Credit and the Lifetime Learning Credit. 

Employer Credit for Family and Medical Leave

Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. Here are some facts about the credit to help employers determine if they are able to claim it.

To be eligible, an employer must:

Have a written policy that meets several requirements. Provide: 

Small business owners should revisit the amount of estimated tax payments

If you pay quarterly estimated tax payments, you may want to revisit the amount you pay.

The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. The tax reform changes include:

Tax Tips, Resources & News

Our blog, news feeds, forms, and links to helpful resources are provided to help you find the answers you seek any time of the day or night.  Please call us at 330-779-0781 for assistance.  We're here to guide you through your business and personal accounting and tax questions and obligations.

Contact

  • Address:DJL Accounting & Consulting Group, Inc.
    Cider Mill Professional Center, Building C-102
    1570 S Canfield Niles Road
    Youngstown, Ohio 44515 
  • Phone:330 779 0781