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Author Archive for: ‘Charles P Myrick CPA’

Posted by: Charles P Myrick CPA Posted on: Apr 28 2022

Why Should I Have Life Insurance? Do I Really Need It?

When you're starting out - new careers, new location, new relationships - you probably get lots of advice about planning for your future. Sure, you're fully engaged in budgeting your income and thinking about lifestyle priorities. Still, it's a good idea to start working with a financial advisor to develop your long-term financial plan.

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Posted by: Charles P Myrick CPA Posted on: Apr 21 2022

Is Your Overdue Tax Bill Keeping You Awake at Night?

Perhaps you’ve received a letter from the IRS recently and have been informed that they’re beginning the collection process of delinquent tax liability debts and that you are one of those debtors. On the other hand, perhaps you haven’t gotten a letter, but anticipate getting one soon, now that the IRS has resumed collections after the COVID-related pause of last year. Remember, they can go back for ten years to collect from past-due income tax filings. Knowing that you owe a large sum of delinquent back taxes without realizing precisely what can or will happen next could be keeping you up at night. 

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Posted by: Charles P Myrick CPA Posted on: Apr 14 2022

Tax Planning: Skipping This Leaves Money on the Table

Three kinds of business owners are doing their taxes incorrectly: those waiting for a refund, those dreading owing as much as the year prior, and those who have no clue what their taxes will look like once the dust settles. If your taxes are anything other than zero, it is time to sit down with a Certified Professional Accountant (CPA) and start tax planning next year.

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Posted by: Charles P Myrick CPA Posted on: Apr 07 2022

How the Employee Retention Credit Affects 2021 Business Filing

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law in March 2020 as part of the US government’s response to the economic repercussions of the COVID-19 pandemic. A provision in that bill known as the Employee Retention Credit may reduce the tax liability of qualifying employers. The good news is that the American Rescue Plan Act of March 2021amended the CARES act to make the tax credit even more generous.

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Posted by: Charles P Myrick CPA Posted on: Jan 25 2022

Look for the Tax Advantages in Your 2021 Return

The IRS opened the tax season this year — or began to receive taxpayers’ filings —  yesterday on January 24, 2022. As you begin preparing for your 2021 tax filing, consider taking advantage of the provisions below if you haven’t already. You can ask us at Myrick CPA or your own tax consultant for details to help you find the best tax advantages available to you.

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Posted by: Charles P Myrick CPA Posted on: Jan 11 2022

Relief for Student Loan Borrowers

It’s time to talk about student loans to keep our clients up-to-date regarding relief for financial burdens exacerbated by the pandemic. Over 43 million people have student loan debt, which represents debt felt by all of their immediate family members, making student loan debt a subject that affects at least 160 million people’s finances.

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Posted by: Charles P Myrick CPA Posted on: Dec 21 2021

Owe Back Taxes? Here’s What to Know About Overdue Taxes

After a COVID-related pause in collections and enforcement, beginning June of 2021, the IRS has been sending out collection letters to individuals with overdue taxes. By now, many have gotten these letters. While the IRS will undoubtedly tell you to pay up now or face the consequences, you likely have more options than you know about, regardless of how little or how much you owe.

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Posted by: Charles P Myrick CPA Posted on: Dec 02 2021

Build Assets From Income With Smart Tax Strategies

The true key to building wealth lies in building assets. And the first step toward building assets is to get serious about tax planning. Regardless of how much money you make, you can start converting your income into assets using smart tax strategies.

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Posted by: Charles P Myrick CPA Posted on: Nov 24 2021

Small Business Growth Improves with Year-End Tax Planning

The end of the year is always a busy time for business owners. I tell my clients that tax planning is one of the most important activities to schedule in the last quarter of the year. That has never been more true than at the end of the second full year of pandemic and shifting business conditions. Solid year-end tax planning helps you know where you stand in 2021 and how to prepare for 2022.

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Posted by: Charles P Myrick CPA Posted on: Nov 11 2021

Do You Qualify for IRS Debt Forgiveness?

Are you worried about the federal back taxes you might owe? Does the prospect of paying them seem insurmountable? Rather than spending any more time worrying, read below to see if you might be a candidate for reducing debt through an IRS hardship program.

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