Delayed Onboarding of New Clients
Due to the limited number of appointments available, we wanted to provide new business owners with some basic guidance until we can meet to discuss your specific situation.
Where to start - If you want to operate as an LLC, we suggest you hire an attorney to draw up the documents and file with the State of Texas.
You will need an EIN (Employer ID Number) – see IRS website for details. It does not cost anything to get an EIN.
Company Organization – You need to know what type of organization you want. If there is one owner, you will default to a Single Member LLC. A SMLLC is taxed just like a sole proprietorship. Members of the LLC that are married can file as a SMLLC.
If there are two members that are not married, the default organization is a partnership.
Another alternative is to request that the LLC be taxed as an S corporation. If you anticipate net earnings greater than $75,000 and the nature of the activity is not passive (real estate rental is an example of passive activity), we suggest you request to be an S Corporation. Use Form 8832 or 2553 as appropriate.
Bank Account - You will need to open a bank account with the name and EIN of the company. Run all your activity through this account and DO NOT use this account for personal activity.
If you have more specific questions, you can email our office at firstname.lastname@example.org
For Tax Year 2021
New Information for Child Tax Credits
IRS has mailed out information to families who may be eligible to receive advance payments of the Child Tax Credit (CTC) starting this summer. You can also find this information on the IRS website.
The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only. Please keep record of these payments for our office to use on your 2021 Tax Return.
IRS will use information you provided in the prior year tax return to determine if you qualify and AUTOMATICALLY enroll you for advance payments. You do not need to take any additional action to get advance payments.
IF YOU DO NOT WISH to receive advance CTC payments, instructions on how to unenroll from these payments will be available by the end of June. Sign into IRS website using this link: Advanced Tax Payments for CTC Portal
Tax Deadline has been moved to June 15
The IRS is extending the tax season for Texas residents because of winter storms.
The tax relief postpones various tax filing and payment deadlines that occurred starting on Feb. 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.
The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.
This extension is automatically granted to the entire State of Texas.
Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season.
As always, call the office if you have any questions.
We are taking new clients! Call and get on the schedule!
The tax deadline has been extended to 6/15/2021 for Texas residents which means you have until June 15 to file an extension and pay any tax that is owed.
Once that extension is filed, you have until 10/15/2021 to file the return. As long as you have paid by 6/15, there is no penalty or additional charges.
We will schedule preparation of New Client returns beginning Monday, August 2nd, 2021.
Once we receive your 2020 tax information (before 6/15), we will file an extension.
If you think you owe: We will provide you a voucher to send in any amount that you believe is owed. (Based on previous year) If you happen to owe more than expected the late payment penalty is half of one percent of the tax per month. So even if you still $1000 after sending money by the 6/15 date and your return was filed on 10/15, you will owe penalties of $20.
Thank you for visiting our website.
We are a full-service accounting firm serving clients throughout the Central Texas Hill Country. Our goal is to provide effective solutions to your business needs in a timely manner. We listen to your needs and goals and work with you, your employees and other trusted professional advisors to achieve those goals.
On this website, you will find information about our accounting firm, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision making. These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Burnet, Helen V. Wiley, CPA has years of valuable experience assisting professionals with their accounting needs.
We welcome any questions or comments you may have. Feel free to contact us at any time:
You can also send us a message directly through the contact page of this website.