Expert Perspectives

Squire provides complete and personalized accounting solutions to meet your individual needs.

Expert Perspectives

Squire provides complete and personalized accounting solutions to meet your individual needs.

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Category: Tax

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

categories: Tax

tags: 2022 Taxes // tax credit // Tax Deductions

Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?

Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and […]

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Another Rough Tax Season for IRS and Taxpayers?

categories: Tax

tags: 2022 Tax Season

Another Rough Tax Season for IRS and Taxpayers?

This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has […]

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categories: Tax

Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Early in 2021 Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. For […]

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categories: Tax

Helping You Decipher the U.S. Tax Question, Resident Alien or Nonresident Alien?

By: Katie Marshall, Tax Professional The U.S. income tax differences between a resident and nonresident alien can be dramatic. It is important to understand the differences to make informed decisions especially when it comes to end of year planning. You […]

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Don’t Think You Have to File a Tax Return? You May Be Missing Out!

categories: IRS // Tax

tags: 2022 Tax Season

Don’t Think You Have to File a Tax Return? You May Be Missing Out!

These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social benefits. This article discusses the various reasons and resulting benefits available to you when you […]

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categories: IRS // Tax

Mailbox-checking Season Has Begun: Don’t Forget to Save New Letters from the IRS, along with Other Anticipated Forms

By: Jill Ottley, CPA If you’re like me, most of what shows up in the mailbox throughout the year makes a speedy trip to the garbage. However, this time of year is the exception. I’m on the lookout for tax documents, […]

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categories: Tax

January 2022 Individual and Business Due Dates

Individual January 3 – Time to Call For Your Tax Appointment – January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar […]

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categories: Tax

Does Your Business Need to File Forms 1099-NEC or 1099-MISC?

If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January […]

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categories: IRS // Tax

Do You Need a New IRS Identity Verification?

Article Highlights: IRS Identity Verification Access to Online Tools and Applications About ID.me How to Create an ID.me Account In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to […]

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