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Tag: taxes

Taxation & Business Specialist | Melbourne, Florida

Delayed IRS Refunds: Over 35 Million Tax Returns Awaiting Manual Reviews

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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Are you paying too much Self-Employment Tax?

Being a Sole Proprietor As a sole proprietor, you must pay self-employment taxes on your net business earnings at a current rate of 15.3%: 12.4% is for social security and 2.9% for Medicare. In 2021 the first $142,800 of your earnings is subject to Social security taxation, and all your net earnings are subject to…
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Stocks, Bonds and Taxes, Oh My!

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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Corporate Tax Deadline – Sep. 15th, 2020

The corporate tax deadline is fast approaching. Earlier this year, the IRS gave an extension for corporations to file their taxes. The extension applied to both 1120-S corporate and 1065 Partnerships. The new final due date for these filings is September 15, 2020. There are no more extensions coming, and so the time to act…
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Do you need an Individual Taxpayer Identification Number (ITIN)?

I want to pay my taxes Millions of people now inhabit the United States. They come from varied and diverse backgrounds, and many people living here have been born in other countries and come here for a better life. We need to put politics aside and consider the real circumstances people find themselves in throughout…
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Special Tax Filing and Payment Relief

Help for the 2020 Tax Filing Season  The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID–19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are…
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Bookkeeping During Tax Season

Taxation with Representation Tax season is a hectic time for most people. Trying to dredge up required IRS documentation is a hassle. Even if you keep meticulous records, you may find yourself rummaging through confusing and perhaps even excessive paperwork. While individuals feel the pressure to be accurate to avoid messes like audits down the…
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The Benefits of an S Corp

An S Corp is the correct choice. Save money on taxes by setting up your small business as an S Corporation. While C Corporations may be required to pay taxes at both the corporate and individual levels, an S Corp avoids this double taxation. Business profits are also not subject to self-employment tax in an…
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What are Tax Brackets?

Calculate Your Tax Rate There are seven federal income tax brackets, each with different tax rate percentages. These range between 10% to 37% and are based on your income level for the previous year. As you bring in more money, it is taxed at a progressively higher rate. For instance, a single person who makes…
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The Importance of Tax Planning

Don’t Let Taxes Sneak Up You They say that the only guarantees in life are death and taxes. If that’s the case, then why is it so many people wait until the last minute to start thinking about their taxes? Preparing for tax time throughout the year is the best way to make sure that…
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