{"id":3623,"date":"2021-02-05T10:10:42","date_gmt":"2021-02-05T15:10:42","guid":{"rendered":"https:\/\/www.neuhauscpas.com\/?post_type=avada_portfolio&p=3623"},"modified":"2021-02-05T10:10:42","modified_gmt":"2021-02-05T15:10:42","slug":"february-2021","status":"publish","type":"avada_portfolio","link":"https:\/\/www.neuhauscpas.com\/portfolio-items\/february-2021\/","title":{"rendered":"February 2021"},"content":{"rendered":"
Upcoming dates:<\/strong><\/p>\n February 15<\/strong><\/p>\n – Presidents’ Day<\/p>\n Reminders<\/strong><\/p>\n – Organize filing records (1099s, 1098s, W-2s, etc.)<\/p>\n – Schedule tax appointment for drop off or meeting<\/p>\n – Begin tax planning for 2021<\/p>\n As the tax filing season gets underway, now is a great time to review some tips to help ensure your tax return is processed without a delay. Also included are reminders of some surprising tax situations this year because of the pandemic. For small businesses there are some organizational hints that seem to work and a thoughtful article for all of us to consider about how we tend to undervalue the worth of our personal identities.<\/p>\n Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them.<\/p>\n Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed.<\/p>\n These are four of the more common reasons why the preparation of your tax return may get delayed. Be prepared and file your return without a hitch!<\/p>\n Don\u2019t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return.<\/p>\n Please use these examples to prepare yourself for a potential tax surprise during the uncertainty caused by the ongoing pandemic.<\/p>\n Here are some suggestions to help you master the art of documenting and organizing your business now and in the future.<\/p>\n You\u2019re busy, and you may feel that organizing your records will take more time than you have available. But spend a minute and consider how using these organizational tips may save you not only time, but money as well.<\/p>\n One of the most valuable things you own is YOU. Your identity includes the basics – where you live, your age, and your gender. But it also includes your interests, who you know, and what you buy. So, do you know who has your identity? Here\u2019s the life cycle of your identity and what to do to protect it.<\/p>\n It gets collected.<\/strong> Think about the organizations that legally collect information about your identity \u2013 your employer, government entities, insurance companies, banks, credit reporting agencies, and non-profit organizations. And then add those companies you give your identity to freely – like Google, Facebook, LinkedIn, Twitter, and any other website or social media platform you visit.<\/p>\n It gets stored.<\/strong> Once your identity gets collected, it then needs to be stored somewhere. Storage is most often on servers or locally on a computer or mobile device. This is one of the core concerns with Tik-Tok, a Chinese-originated short video service. The concern is that a foreign entity will have stored U.S. citizen’s interests and behaviors that can help identify potential targets that can be manipulated.<\/p>\n It gets sold.<\/strong> Once information related to your identity and interests are collected, most organizations then sell it to other companies. Not only is information about your identity sometimes collected without your knowledge, this information is then monetized. Your viewing behavior can also be actively manipulated by the sites you view. So if you read articles about cats, you are going to get a lot more articles about cats and get ads that relate to cat-lover behavior. This is often so subtle, you do not realize it is happening.<\/p>\n It gets accessed.<\/strong> If your information is considered a public record, anybody can see it. Business licenses, property tax records and real estate ownership are just a few examples of personal information that anyone can access.<\/p>\n It gets stolen.<\/strong> Identity thieves are always looking for ways to access your information. Thieves either hack one of the organizations that collects your confidential information or find a way to trick you into giving them your information, with techniques such as phishing emails.<\/p>\n What you can do<\/strong><\/p>\n The Problem<\/strong><\/p>\n You hang up the phone with a huge smile on your face. You just learned that you\u2019re getting a pretty sizeable tax refund this year. Now all you need to do is kick back and wait a week or two for the IRS to wire the money into your bank account.<\/p>\n This good news, however, is unfortunately short lived. The very next day you get another phone call.<\/p>\n “I\u2019m sorry to tell you this, but someone else has already used your Social Security number to file a tax return.”<\/em><\/p>\n You\u2019re told that you\u2019ll still be able to eventually get your nice, big tax refund, but it may be several months before you see the money. You first need to work with the IRS to resolve your case of identity theft.<\/p>\n The Solution<\/strong><\/p>\n There\u2019s a secret weapon you can now use to protect your tax return \u2013 an Identity Protection PIN (IP PIN).<\/p>\n Beginning this tax season, all taxpayers who can verify their identities are eligible to obtain an IP PIN. An IP PIN is a 6-digit PIN that offers additional protections when filing your tax return. This one-time-use number is sent to you by the IRS and must be entered on your tax return along with your Social Security number. Since the IP PIN is a one-time-use number, you will receive a new IP PIN number each year from the IRS.<\/p>\n If someone tries to fraudulently file a tax return using your Social Security number, they will be unable to do so without this IP PIN.<\/p>\n What You Need to Do<\/strong><\/p>\n4 Ways to Make Sure Your Tax Return Doesn\u2019t Get Stuck<\/strong><\/h2>\n
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Be Prepared For These Pandemic-Related Tax Surprises<\/strong><\/h2>\n
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Organized Business Records Save Time and Money<\/strong><\/h2>\n
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Your Identity Is Not Your Own<\/strong><\/h2>\n
How companies use your identity and what you can do to protect it.<\/em><\/h3>\n
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Protect Your Tax Return With This Secret Weapon!<\/strong><\/h2>\n