RECENT BLOG POSTS
"The hardest thing in the world to understand is the income tax" – Albert Einstein There are only a few things that people find more confusing than income tax. Therefore, it is not surprising that every year approximately 3 million taxpayers file amended tax returns. If you've had to file an amen...
Did the IRS overpay you?The IRS has successfully delivered millions of stimulus payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, however, not all payments were made for the proper amount. If you had a major life change in 2018 or 2019, there may have been an error wi...
Do you owe money to the IRS? Have you heard about the IRS People First Initiative?Due to the COVID-19 pandemic, the IRS released a People First Initiative to help ease taxpayers' burdens during this unprecedented time. Some of the key provisions of the Peoples First Initiative are as follows: Tax...
Have you received an Economic Impact Payment from the Coronavirus Aid, Relief, and Economic Security (CARES) Act? If so, was it what you excepted? Here are a few reasons why your payment might not have been what you were anticipating:You haven't filed your 2019 tax return - If you haven't filed y...
Whether you have a business or not, keeping receipts can help ensure you claim all your possible deductions. Here are a few standard tips on keeping up with receipts. Take a photo/ make a copy - Many receipts fade over time, making it challenging to read dates and amounts. Capturing a picture or...
Did you Know Bernadine Gines was the first black woman CPA in New York? She gained her MBA from New York University, and after getting licensed in 1954, she expected to find a job with ease. However, it wasn't until 1956 that a firm would hire her and helped her pave the way for other women and m...
"Today, it takes more brains and effort to make out the income-tax form than it does to make the income." -Alfred E. Neuman
Did you know the first woman who chartered a bank was black? Maggie Lena Walker was born in 1867 to former slave parents. She took many accounting and business classes during school, and after she graduated, she chartered the St. Luke Penny Savings Bank in 1903.
Do you have children that work while attending college?If you have children working while attending college and you provide more than half of their support, you may be able to claim them on your tax return provided certain conditions are met. During tax season, college students often rush to file...
Did you know Mary T. Washington Wylie was the first black woman Certified Public Accountant? After she graduated from Northwestern University in 1941 with her bachelor’s degree in business, she started an accounting firm. To honor the 75th anniversary of her becoming a CPA, Chicago declared Septe...