What To Do if You Missed the April Tax Deadline

Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do: First, gather any information related to income and deductions for the tax years for which a return must be…

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Tax Return Tips for Last-minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you’ve been procrastinating on filing your tax return this year, here are eight tips that might help. Don’t Delay Resist the temptation to put off your…

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What To Know About the Gig Economy and Your Taxes

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones:…

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Behind the Scenes with Bill Jarrard

William H. Jarrard, CPA (Bill) What year did you join JNR?  2005 Where did you go to college? Undergrad at South Carolina and Master’s at Clemson University Why did you choose Jarrard, Nowell & Russell? I was one of the founders of the firm back in 2005. It sort of chose me. What is your specialty at JNR? I…

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Three Tips for Getting an Accurate Business Valuation

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as:  Certain transactions: Are you selling your business? Planning an IPO? Need financing? Tax purposes: This includes estate planning, stock option distribution, and S Corporation conversions. Litigation:…

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The 2022 Tax Filing Season: What You Need to Know

Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received the information they need to make sure they file a complete and accurate return. The start date for individual tax return filers is determined by how much time the IRS needs to perform programming and testing…

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Tax Breaks for Older Adults and Retirees

Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or older and you do not itemize your…

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Start the New Year Right: Cleaning Up QuickBooks

January is always such a transitional month. You’re trying to wrap up everything that didn’t get done during a hectic December. At the same time, you have to jump into the new year and start doing your regularly-scheduled work. It can be hard to tell sometimes which year you’re working on. Don’t forget about QuickBooks…

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Important Tax Changes for Individuals and Businesses

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals  In 2022, a number of tax provisions are affected…

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Tax Planning vs. Tax Preparation: What is the Difference?

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you…

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