There are several corporate structures that exist to fit everyone’s needs. From C-Corporations to LLCs, every corporate structure gets taxed differently. This article will highlight some of the major aspects of how each business entity gets taxed and help you choose which one would best suit your style of business. Sole Proprietor: Filed on a…
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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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Dear Clients, did you know that over 35 Million Tax Returns are awaiting manual reviews causing delays in the refund process. The 2020 tax season proved to be challenging both for Alron Taxes, Inc. and taxpayers alike. Due to the onset of the global pandemic, over 35 million business and personal income tax returns require…
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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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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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On Thursday, March 11, 2021, President Joe Biden signed into law a coronavirus relief package, the third of its kind. The gargantuan $1.9 trillion relief package known as the American Rescue Plan Act of 2021 will aim to boost the US economy. Direct Deposits Individuals earning up to $75,000 and couples earning up to $150,000…
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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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What SBA Loan Types are available, and what are the Tax Ramifications that go along with these loans? The U.S. government has launched many programs to support local businesses. To add some more clarity, we want to share information on the two SBA COVID-19 loan options. Here’s a chart that shows a comparison between the…
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Local City & County Tax Receipts When you own a business, you wear many hats. One of the most important ones is to pay the taxes owed by your company. When people think of taxes, they often think of federal or state taxes. However, it is essential to remember that business tax receipts and any occupational licensing…
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Stocking Up & Bonding out For those looking to start passively growing their income, bonds and stocks are the first things that come to mind. It can be confusing for those unfamiliar with these financial vehicles. Stocks are essentially shares in the ownership of a company. A company goes from private to public with an…
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