Warnick CPA Services

Looking for help preparing your 2021 tax return? Not sure how the stimulus payments and advanced child tax credit payments affect your return? Call us today! We prepare returns for individuals including those who are self-employed, have rental properties & Air BNB's and Vrbo's, businesses such as S-Corporations, and more! Currently accepting new clients for 2021 returns!

Call us at (330) 341-0643!

Warnick CPA Services NEO Ohio CPA Practice specializing in accounting and tax matters for small business and individuals.

Check out our latest blog post outlining the top reasons why small businesses need a bookkeeper!

Link to Blog: https://wp.me/pd7CsZ-aJ

As today is July 1st, here are a handful of tips small businesses can use to help them for the second half of the year:

•Make sure all bank, credit card, and loan accounts are reconciled to date so that you can have an accurate picture of your business’ 1st half
•Make sure you’ve made your quarterly estimated tax payments. Even if they’re late, it’s better to catch up now than to owe a large amount at year end
•If you received a PPP loan in 2020 and haven’t applied for forgiveness, make sure you do this before it turns into a normal loan
•Make sure you’re up to date on all compliance filings such as payroll, franchise, and commercial activity tax returns

Needing help with any of these? Give us a call @ (330) 341-0643!

Check out our latest blog post that tackles three of the biggest challenges that small business owners face at tax time!

Link to my website: https://warnickcpa.com

Link to my blog: https://wp.me/pd7CsZ-9a

Did you know that you only have three years after the due date of the tax return to claim a refund for a late return? The IRS announced today that there are still 1.3 billion dollars in estimated tax refunds that have not been issued for 2017 returns. Don’t let the IRS keep your refund! If you’re late filing your returns, call us today to get back on track before you lose your eligibility after May 17th.



Gregory Warnick, CPA, MAcc

At Warnick CPA Services, we provide peace of mind to service based family owned businesses and sole proprietors through hands on accounting and tax services!

Gregory Warnick, CPA
Owner

The IRS announced that they will be accepting and processing 2020 tax returns beginning on Friday, February 12th. This is several weeks later than normal as the IRS claims that this is due to ensuring that it’s systems and processes are in place resulting from the Consolidated Appropriations Act. Call us today to setup an appointment for your 2020 tax return preparation!


https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

The Tax Cuts & Jobs Act (TCJA) dramatically affected many deductions available to individuals beginning in 2018, however, charitable contributions were not affected. Under the CARES act, you can donate up to 100% of your Adjusted Gross Income (AGI) for tax purposes. If you or your business is philanthropic, you can make contributions up to December 31st to receive credit for 2020. If you itemize on your tax return, these increased donations can help lower your taxable income!

Individuals who have an Health Savings Account (HSA) sponsored through their employer can contribute $3,550 for an individual plans and up to $7,100 for family plans pre-tax. If your contributions combined with any from your employer have not reached the maximum amount, consider doing so to lower your taxable income. Individuals have until April 15th, 2021 to make contributions and have them credited to 2020. If you’re over 55, you can contribute an additional $1,000 for 2020.

Just like many things in 2020, the stock market has been extremely volatile and hard to predict. If you have any stocks that you’ve sold at a gain this year, consider also selling any that you’ve lost money on by year-end to offset the income from the stocks you made money on. If you want to reinvest in the stocks you sold at a loss, you can wait 30 days and reinvest in them without tax implications. This can help you accelerate your loss on these stocks and help offset the income from the stocks sold at a gain!

For many, 2020 was the first year that they received unemployment benefits. In any case, for Ohio residents this income is taxed at the federal and state level. If you did not choose to have federal or state withholding, you may have a surprise tax bill at the end of the year. At Warnick CPA Services, we specialize in helping individuals plan for their tax liabilities and we can help you determine if you should make a year-end tax payment to cover the tax relating to this income.