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.

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.

COVID-19 and the resulting shutdown in 2020 disrupted nearly everything in our society and almost every business and institution. Many are still dealing with the repercussions, whether involving supply chain issues or employee shortages. One of those institutions greatly impacted by the pandemic is the IRS.

Charles Myrick, a Certified Public Accountant, has more than two decades of experience representing taxpayers with the IRS. He is highly knowledgeable and experienced in what is known as tax resolution — the specialty of advising, representing, and negotiating with the IRS on behalf of taxpayers in problem tax cases. He and his staff feel a real sense of satisfaction from solving difficult problem tax cases and removing the giant weight off a client’s shoulders that comes from stressful interactions with tax authorities.

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.

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.

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.

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.

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.

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.