Posts by Jody H. Chesnov CPA
Understanding the Kiddie Tax: What You Need to Know
GET IN TOUCH GET IN TOUCH Do your children have income-generating assets (such as stocks) or unearned income (such as interest income, capital gains distributions, or dividends from those stocks)? If so, you need to understand something called the kiddie tax. Even if your child is a 24-year-old full-time college student with their own investment…
Read More2021 Roundup: The Important Tax Stories You May Have Missed
GET IN TOUCH GET IN TOUCH The world is constantly changing — as last year reminded us in no uncertain terms! And taxes, well, they are no exception. There is always plenty to unpack with a topic as complex as the United States tax code, and 2021 was a hectic year for tax-related news. From…
Read MoreConsidering an S Corporation? Start Here.
GET IN TOUCH GET IN TOUCH Building a company? One of the first and most crucial decisions you will need to make concerns your business structure. This choice will impact almost every aspect of your endeavor, from day-to-day operations and management to legal factors such as shareholder liability and tax considerations such as whether or not…
Read MoreEmployee Expense Reimbursement 101: What You Need to Know
GET IN TOUCH GET IN TOUCH Every business has expenses. Sometimes, however, it falls to the employee to shoulder those work-related costs using their own money, with the promise that they will receive reimbursement. Such reimbursable expenses are often incurred during travel, at business lunches, to purchase necessary tools and supplies, or when an employee…
Read MoreWhen Are Personal Taxes Due? The Important Deadlines You Need to Know in 2022
GET IN TOUCH GET IN TOUCH With a new year will come new tax deadlines. Since 1955, Tax Day has typically fallen on or around April 15th. However, pandemic-related extensions issued by the IRS in 2020 and 2021 have left many wondering: What will the tax deadlines be in 2022? Barring unforeseen circumstances, the answer…
Read MoreThese 3 financial planning tips will help you achieve your goals
GET IN TOUCH GET IN TOUCH It can be hard to know where to begin when it comes to personal financial planning. As individuals, we are all unique, and that means our financial goals are different, too. You may dream of buying a house, of retiring early, starting your own business, saving to pay for higher education…or all…
Read MoreHow can you avoid or reduce your estimated tax penalties?
GET IN TOUCH GET IN TOUCH Do you find yourself paying estimated tax penalties year after year without really understanding why or what you can do to reduce your liability? You’re not alone. According to IRS data, the number of taxpayers subject to estimated tax underpayment penalties is on the rise. In fact, in the most…
Read MoreYear-End Tax Planning: What Individuals and Business Owners Need to Know in 2021
GET IN TOUCH GET IN TOUCH And just like that, another year comes to an end. Between ongoing disruptions caused by Covid-19, supply chain complications, and economic uncertainties, 2021 has certainly been eventful. It has also been full of significant changes to the tax law for individuals and businesses. The end of the calendar year…
Read MoreManage Consumer Credit (and Relieve Debt Overwhelm)
GET IN TOUCH GET IN TOUCH Whether traveling, buying an automobile, eating out at a restaurant, or shopping online, you’re most likely familiar with using credit. In fact, with 70% of the United States population carrying at least one credit card, people in this country are making more purchases using credit than ever before. Americans have an average…
Read MoreWhat Does the Infrastructure Bill Mean for You?
GET IN TOUCH GET IN TOUCH Last week, one of the largest federal infrastructure packages in United States history became law after months of debate and negotiation. The sweeping bill called the Bipartisan Infrastructure Investment and Jobs Act, allocates $1.2 trillion in funding for roads and bridges, public transit, electric energy, broadband internet, clean drinking water,…
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