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Taxation & Business Specialist | Melbourne, Florida

The 2021 Child Tax Credit Explained

What is the Child Tax Credit (CTC)? The Federal Child Tax Credit is a program that has been around since the late 1990s. The current administration enhanced the CTC payments to help those in need. The information provided on your 2019 or 2020 tax return will determine your eligibility to receive the payments. If eligible,…
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The IRS Took My IRS Refund To Pay My Spouse’s Debt?

My Tax Refund Paid My Spouse’s Debt? If this sounds familiar, then you may want to look into this article on getting your refund back. First, take a minute to answer the following questions.  If you answer yes to all the listed questions, you may just be eligible to file an injured spouse claim. Did…
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Tax Day Extended to May 17.

Effective March 17, 2021, the Internal Revenue Service and the Treasury Department automatically extended the federal income tax filing due date for individuals from April 15, 2021 to May 17, 2021. Taxpayers do not need to file any forms or call the IRS to qualify for this automatic extension. With Tax Day now on May…
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Major IRS Tax Changes

This is the one period of the year that everyone does not looks forward to! Tax Season is the most bothersome inconvenience and never anyone’s favorite time of the year. This upcoming tax season is a bit more complex, with unique and special twists to the norms. A lot of care must be taken when…
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Taking Salary as a Business Owner

Taking Ownership If you are a business owner, you wear many hats. After all the work you put in building your business, hiring employees, staying on top of inventory, and maintaining the books, it can often seem that you come last. However, making a living is critical to your health and financial security. The IRS…
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IRS guidelines on taking a salary for a S Corporation

Avoid possible penalties for not taking a salary as an S Corporation, by following IRS guidelines. Many small business owners choose the S Corporation tax classification to enjoy the advantages that it provides. S Corporations have many benefits: pass-through taxation, shareholder liability limited to the amount of the initial investment, a simple and straightforward cash…
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Assets & Bookkeeping

The Big picture Hopefully, when it comes to taking stock of your business, you have managed to stay on top of your book for the whole year. Even if your records aren’t perfect, with one month left before taxes are due, now is an excellent time to get a handle on your accounting. Most people…
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End of the Year Bookkeeping Review

Almost to the end of 2020 Towards the end of the fourth financial quarter, it is essential to take stock of where your company stands. Hopefully, you have been keeping track of your business’s economic activities throughout the year, so you are not scrambling to catch up. We know that taxes are one of the…
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Taking Draws in Addition to a Salary

Understanding Draws If you are a shareholder in an S Corporation, you may be familiar with the concept of taking draws. S Corporation shareholders are entitled to a portion of the profits that a company earns in any given time. Your piece of this profit is referred to as a draw, which is calculated based…
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Key Considerations for a Stellar Presentation

Present for a Purpose Regardless of your profession, putting on a quality presentation helps position you and your business as an expert resource in the field. Don’t let a fear of public speaking cause you to shy away from networking and advertising opportunities gained through presentations. Here at Alron Management, Inc., we’re happy to assist…
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