Fleming Tax and Financial

We hear it this time every year, the IRS has called you and asked for personal information. 10/10 times, it's a scam.
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It may not be well known, but we're here to tell you... the IRS will NEVER call OR e-mail you. If you are one of these unlucky few to receive a spam call, email or text from "them", make sure you report this call so that you're able to help the US Treasury stop these scams!
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If you believe you have been a victim of an IRS Impersonation Scam, please visit the link in our bio to fill out all the information you can pertaining to the call. Also, swipe for screenshots with more information directly from the IRS about these scams and what to do next to protect yourself in the future!
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3 years. The most easy-peasy and no fuss answer!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Keep all receipts and tax returns for 3 years after they have been FILED with the IRS.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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And you know of course, there's always an exception to the rule: Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Luckily this isn't most of us, so carry on my friends!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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A little PSA to let you know that your unemployment benefits ARE taxable, even this year! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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A couple other key facts about unemployment:⠀⠀⠀⠀⠀⠀⠀⠀⠀
- it does not count toward your earned income⠀⠀⠀⠀⠀⠀⠀⠀⠀
- the additional $600 relief IS considered taxable on your income taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Don't be caught off-guard when you file your taxes - if you opted not to hold out tax on this income there is a good chance you will owe the IRS in April. Call us to file early so you have time to plan, save and strategize for 2021! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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We’ve heard a lot of clients are waiting to have their taxes prepared until after the 12th this year because the IRS is not actively accepting returns. Despite the fact that they are not being ACCEPTED, we ARE still able to prepare and e-file your tax return as normal. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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As a small business ourselves, Fleming is blessed to work with so many great companies around the community, and we're ready to share these great businesses with you in our NEW monthly Client Spotlight! Our first spotlight is such a sweet company we KNOW you'll LOVE, !
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Mini and Mine is a shirt of the month subscription for mama's and their minis. Every month they create a new t-shirt design that allows moms to coordinate with their little ones for only $25 a month. One for you, one for your mini, once a month!
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Founded by Kiah and Rachel, these girls are a dream duo! In just a short time not only have they navigated the crazy world of opening a business, collecting Sales Tax and filing their quarterly tax reports, they have managed to do all this while growing their business to nationwide sales (and Canada)!
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Check out their Instagram and website and follow along on their journey, sharing cute designs, mom inspo, and more!!
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Paid Labor, aka Contractors, are a great asset to your company, but are you deducting their labor correctly?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Any contractor or labor you paid over $600 in 2020 must be issued a 1099-NEC (a new form for 2020!) showing exactly how much was paid out in that tax year. That means these 1099s become valid deductions on your tax return and reduce your taxable income!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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These are due to be filed to the IRS AND mailed out to your contractors by JANUARY 31ST. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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#1099

Congress has officially opened up a second round of PPP and it could be a GAMECHANGER for your business!!! If you haven't heard us shouting it from the rooftops yet this year, = Payroll Protection Program ;) ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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With this round of PPP expect the following: ⠀⠀⠀⠀⠀⠀⠀⠀⠀
- if you did not receive the first round of PPP the rules are still the same: you can apply for 2.5 months’ worth of your company’s 2019/2020 average payroll.⠀⠀⠀⠀⠀⠀⠀⠀⠀
- if you did receive PPP-D1 (as we lovingly refer to it now), you can qualify for the same proceeds amount as the first round (if not more!), BUT you have a little bit more to prove this time. AKA your gross revenue must have dropped AT LEAST 25% in one or more quarters in 2020 when compared to the same 2019 timeframe.⠀⠀⠀⠀⠀⠀⠀⠀⠀
* If you qualify for PPP reach out to your bank and we will be happy to get you the needed documentation for their application!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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As with all things IRS - it's a little (i.e. a lot) more complicated than it sounds and involves some extra fun math computations... Not everyone will qualify, not everyone will get the full amount, BUT we can run the numbers and make sure you're getting the most benefit out of these programs so 2021 starts off on the right foot. We’re always here to help!