Tag Archives: cpa

Everything You Need to Know and More About Tax Season 2021

2021 Tax Season

With the ups and downs of the past year, believe it or not we are rapidly approaching a new Tax Day, Thursday, April 15, 2021. That means that we are currently in the midst of tax season 2021. So, if you’re wondering about some of the changes from the past year, our accounting experts have all the information that you’ll need to know and more.

Important Information about Tax Season 2021

The Start of Filing Season

One of the first things that everyone should know about tax season 2021 is that it’s start will be later than usual. In fact, that the IRS will start accepting and processing tax returns on Friday, February 12, a bit later than previous years that started in January.

Tax documents, money and calculator on a table

Recovery Rebate Credits and Economic Impact Payments

If you’re one of the taxpayers that received an Economic Impact Payment, make sure that you hold on to your Notice 1444 with your records for the year.

You may be able to claim the Recovery Rebate Credit on your federal income tax return if:

  • You didn’t receive an Economic Impact Payment
  • The payment was less than $1,200 ($2,400 if married and filing jointly in 2018 or 2019), in addition to $500 for every child had in 2020

Taxpayers who didn’t receive the full amount of the Economic Impact Payment they were eligible for can claim the Recovery Rebate Credit when they file in 2021.

Calendar with the 15th highlighted

Changes to Charitable Donations

Another new wrinkle in tax season 2021, taxpayers that aren’t itemizing deductions are eligible to take a charitable donation up to $300 for 2020 cash contributions to qualifying organizations. Click here for more information about the eligible organizations.

For any other questions or concerns about tax season 2021, leave it up to the pros at Calabrese & Associates, P.C. to take care of your filing. Our team of expert accountants have the experience and knowledge to get the most out of your returns.

How to Choose the Right Tax Preparer for You and Your Needs

Tax Preparer

With the end of a tumultuous 2020 approaching, tax season is right around the corner. And with the topsy-turvy nature of that last year, it’s never been more important to get the right tax preparer services for you and your individual needs. Therefore, take it from the pros. Here are a few tips and tricks to use in order to find the right accountant for your situation and finances.

Tips for Find the Right Tax Preparer

Check the Credentials

One of the best ways to determine you’re enlisting the efforts of a qualified tax preparer is by checking their credentials and affiliations. Ideally, you want to search for certified public accountants (CPA) like Calabrese & Associates, P.C.

Likewise, it helps if, like us, they are members of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants, and/or the National Association of Tax Professionals. Ultimately, experience and association memberships are key as these organizations usually have a code of ethics and many certification requirements.

2021 Taxes calculator on papers

Ensure you’re Getting the Right Attention

In terms of choosing the right tax preparer for you and your needs, it’s important to consider the level of attention and care you’ll be receiving. When you enlist the services of a big, corporate firm, you might feel like just another number or account for them.

However, with an accounting team like Calabrese & Associates, P.C., you can rest easy knowing that you’ll be receiving highly personalized attention for your taxes and preparation. There will always be a real person to call or contact that will know all about your situation and be prepared to give you the right financial solutions.

Magnifying glass over a calculator

Do your Homework

Generally, you want to ensure that your tax preparer can take care of your needs in the account of an exam or audit. Whoever you research to become your accountant, you need to be able to ask these questions. And in the event they’re answered to your liking, you can begin a fruitful, professional relationship.

When you’re looking for a tax preparer, consider the hard-working, dedicated team of Calabrese & Associates, P.C. We have the knowledge and experience to take you forward into financial success. Check out our website to learn more and schedule a consultation today!

5 Savvy Real Estate Accounting Tips to Prepare for Year-End

Real Estate Accounting

As we near the end of a tumultuous 2020, many businesses, including real estate firms, are planning for the upcoming year ahead. It’s certainly been a topsy-turvy year for anyone selling or buying residential and commercial properties, so year-end preparations might be a little different this time around. Therefore, our expert team has you covered with all the real estate accounting tips you need to end 2020 strong.

End the Year Strong with Professional Real Estate Accounting Tips

1.      Check Financial Statements

Ensure that you have a complete balance sheet of all your assets, liabilities and more by verifying your financial statements. By providing your accountant with these update reports, they will be able to, if needed, point out discrepancies and rectify their accuracy before year-end.

Financial Statements

2.      Update Software

Throughout the year, there might have been new and improved software available for your real estate firm. New real estate accounting software, along with your tax team, will guarantee access to the latest tax forms, regulatory changes and other important tools.

3.      Verify Employees

With as much that has happened in 2020, you may also have experienced additions, or potentially subtractions, to your staff. Therefore, to ensure that your year-end reports have the right information, you may need to audit your employees. That way, all the right people connected to your business will be accurately represented in the system for your accounting team.

Employee Verification

4.      Plan for 2021

One of the best, most tried-and-true real estate accounting tips we can give for year-end is actually planning for the impending year ahead. Far too often businesses, especially in real estate, will neglect to do any prior planning. And, when the new year rolls around, they will have the tools and prep work needed to succeed.

With that in mind, both residential and commercial real estate companies need a trusted accounting and tax partner like Calabrese & Associates, P.C. to end 2020 on the right foot and ultimately help them get ahead for 2021.

The Top Reasons Why Businesses Should be Outsourcing Payroll

Outsourcing Payroll

Although some companies choose to handle it in-house, there’s a reason that so many businesses continue to outsource their payroll service to a trusted, local accounting firm. So, if you’re trying to decide between the two, we can help. Check out these top benefits of outsourcing payroll services to accountants like Calabrese & Associates, P.C.

The Advantages of Outsourcing Payroll to an Accounting Firm

Calculations and Payments

When it comes to paying employees, you need to be able to complete the different calculations it takes to reach a final figure. Between totaling hours, verifying them and including the designated pay rate, while accounting for the appropriate deductions and benefits, there’s a lot that goes into it.

That’s why so many companies are outsourcing their payroll services entirely. With the amount of different math and knowledge involved in the process, business owners are taking a calculated risk when they put the task in the right, experienced hands. That way, they can ensure their employees are compensated accordingly.

Accountant using a calculator

Reduced Risk

While it might seem simple, payroll is not easy. Beyond all the knowledge required, you must also be aware of different regulations.

If you do not, your business could become the victim of steep penalties and fines, which can add up quickly. So, to guarantee you steer clear of these roadblocks, outsourcing payroll is as good of a start as any.

Payroll statement on a table

Lower Costs

With all the time it takes to learn how to do payroll and actually complete it twice a month, that’s a great deal of effort. And, when you consider the old saying “time is money,” doing your own payroll can cost you a lot more than you are saving.

With outsourcing payroll, you can turn your time and attention to other tasks and responsibilities. Even when you consider all the software, training and updates of the process, the savings can be immense.

If you’re interested in outsourcing your payroll to an accounting firm like Calabrese & Associates, P.C., you’re making the right choice. For more information or to schedule a consultation, visit our website today!

The Top Benefits of Tax Preparation Services for Businesses

Tax Preparation

As the end of the year comes into focus, so too does next year’s tax filing. And when you consider the craziness of the last year, there are many details that you might not think to consider. That’s where a local accounting firm comes in. By using professional tax preparation services for your business, you will ensure that your finances are in the right hands. If that’s not enough to convince you, check out these key advantages.

Why Companies Should Use Professional Tax Preparation Services

Expert Knowledge

One thing you can count on when using tax preparation services is knowledge crafted from years of experience. Since tax rules are often complicated, a tax expert will help you locate the proper credits and deductions that you qualify for.

Not to mention, they’re also a great resource for any tax advice and for ensuring you avoid any adverse consequences from a wrongful tax filing.

Person crunching numbers with a calculator

Increased Funds

When it comes to hiring tax preparation services, naturally it’s going to cost your business money. However, when weighed against the actual tax savings they can find you, the expense is usually negligible.

By knowing your unique situation and having an up-to-date understanding of the rules, tax professionals will find you the best possible savings. Besides, when compared against the value of the hours it would take to complete your own taxes, the decision is a no-brainer.

Man presenting a clipboard with a file on it

Peace of Mind

Another one the best things about hiring tax preparation services for your company or organization is the peace of mind it will bring. You won’t have to worry or stress anymore that your taxes aren’t done right or on time. With a seasoned professional, you can focus more time and energy on doing what it is that makes your business profitable.

If you’re interested in professional tax preparation services, look no further than Calabrese & Associates CPA. Our team can give you the personalized service your company needs to succeed. Visit our website to learn more!

Estate Planning Checklist: Everything you Need to Know

Estate Planning Checklist

Estate planning should never be taken lightly. So, if you’re beginning to take proactive steps to plan out yours, you might not be aware of all the different tasks you must complete along the way. Therefore, make sure you have everything covered by looking at our estate planning checklist. After all, it is essential to consider every detail.

Getting Started with an Estate Planning Checklist

Below are the most important steps to take to ensure your estate plan is prepared correctly and ready to be set in motion.

1.      Take an inventory of your items

This step of the estate planning checklist is self-explanatory, however crucial. Since everything you own in considered part of your estate, you need to take stock of it all.

From your home value and insurance policies to safety deposit boxes and physical assets, you need to account for everything to best preserve your estate as intended.

Accountant meeting with a client

2.      Consider your family’s needs

After you accurately tally all of your belongings, you must then start to account for your family and close ones’ needs. Although it might seem somber, it is important to answer questions like:

  • Do I have enough life insurance?
  • Who will be the guardian of my children?
  • How will my children be cared for?

By providing concrete answers to these significant questions beforehand, you will save your family from costly court fights that might drain your estate’s assets.

Estate planning documents

3.      Establish legal directives

When building out your complete estate plan, ensure that it includes comprehensive legal directives. A few of these might include a trust, medical care directive, durable financial power of attorney and limited power of attorney. Just be extra careful who you give it to, the position holds a lot of power!

4.      Identify beneficiaries

Even if you establish a will, it still may not be inclusive to all your wishes. To that end, you must individually assign beneficiaries and contingent beneficiaries for retirement plans, insurance accounts and other matters.

Document and pen on a desk

5.      Consider a professional

No matter which way you spin it, estate planning is a difficult, time-consuming task whether you have an estate planning checklist or not. Therefore, why not hire a trusted, experienced estate planning professional to take care of it for you?

That way, you know you’ll be receiving the highest level of expertise and that nothing important will fall through the cracks. And when you’re ready to get started, the team at Calabrese & Associates, CPA will be here to help! Contact us today to get started.