# Berel CPA, PLLC > Premier CPA in Ocean Springs ## Posts - [It's Not Too Late to Make an IRA Contribution](https://berelcpa.com/its-not-too-late-to-make-an-ira-contribution/): Generally, you can contribute up to $6,000 of your earnings for the tax year 2019 (up to $7,000 if you are age 50 or older in 2019). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts. - [The Nonprofit – How Not To Lose Your 501(c)(3) tax-exempt status](https://berelcpa.com/the-nonprofit-how-not-to-lose-your-501c3-tax-exempt-status/): Once an organization receives tax-exempt status from the IRS, there are certain requirements that must be adhered to in order to maintain tax-exempt status. - [What's New for the 2020 Tax Filing Season](https://berelcpa.com/whats-new-for-the-2020-tax-filing-season/): While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. - [Accounting Indicators To Watch When Scaling Your Business](https://berelcpa.com/accounting-indicators-to-watch-when-scaling-your-business/): When you’re considering scaling your business, much of the information you’ll see is about strategy. However, successful growth is more about managing your numbers effectively and planning for a sustainable scale - [7 Common Accounting Problems Confronting Government Contractors - and How to Solve Them](https://berelcpa.com/7-common-accounting-problems-confronting-government-contractors-and-how-to-solve-them/): The simple reality of government contracting is that the standard is higher than for businesses in the commercial market. And, the government has tightened up systems over recent years, to prove its efficiency in protecting taxpayer funds. - [What Business Owners Need to Know about 2019 Tax Changes](https://berelcpa.com/what-business-owners-need-to-know-about-2019-tax-changes/): The 2019 Tax Changes include standard mileage rates, health care tax credit, Section 179 Expensing and Depreciation, Work Opportunity Tax Credit and IRA Contributions. Read more about the specifics here. - [How Do You Determine Marketing Spend from a Marketing Investment?](https://berelcpa.com/how-do-you-determine-marketing-spend-from-a-marketing-investment/): Differentiating marketing investments from marketing spend can help you make decisions about which areas should be cut when margins are less than desirable. - [It's Never too Early to Plan Your Exit Strategy ](https://berelcpa.com/its-never-too-early-to-plan-your-exit-strategy/): An exit strategy doesn't have to invoke negative feelings at all. Instead, it can help you cement and realize your vision for your business better. - [5 Items to Review When Generating a QuickBooks Profit and Loss Report](https://berelcpa.com/5-items-to-review-when-generating-a-quickbooks-profit-and-loss-report/): QuickBooks allows you to generate a profit and loss statement with a single click, but that doesn't mean it's ready to use. - [Profits vs. Profitability: Why You Need to Track Profit Margins](https://berelcpa.com/profits-vs-profitability-why-you-need-to-track-profit-margins/): Many businesses obsess so much over increased sales that they forget about the importance of trimming the fat, and end up actually reducing profitability. - [How to Speed Collection of Your Accounts Receivable](https://berelcpa.com/how-to-speed-collection-of-your-accounts-receivable/): Do you have strong sales but still find yourself in a cash crunch? The solution could be shortening the amount of time it takes to collect your accounts receivable. Here's what you should do. - [Choosing a Legal Entity for your Business](https://berelcpa.com/choosing-a-legal-entity-for-your-business/): Choosing a legal entity is one of the most important decisions you'll ever make as a small business owner. Here's what you need to know. - [Explanation of the Build Up Mississippi Act (House Bill 1)](https://berelcpa.com/explanation-of-the-build-up-mississippi-act-house-bill-1/): The Build Up Mississippi Act (House Bill 1), signed into law by Governor Tate Reeves on March 27, 2025, is a transformative piece of legislation aimed at phasing out Mississippi’s state personal income tax, reducing the state grocery sales tax, increasing the gasoline tax, and granting local governments the authority to adjust grocery taxes under specific conditions. - [Sending the Kids to Day Camp this Summer?](https://berelcpa.com/sending-the-kids-to-day-camp-this-summer/): If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit. - [Self-Managed HOAs and Condo Associations: Why Outsourcing Financial Functions Can Be a Game-Changer](https://berelcpa.com/self-managed-hoas-and-condo-associations-why-outsourcing-financial-functions-can-be-a-game-changer/): Many HOAs and condo associations start by managing operations themselves, but outsourcing accounting to professionals becomes essential as financial needs grow more complex. - [Traveling With Your Spouse on Business? Know What's Deductible](https://berelcpa.com/traveling-with-your-spouse-on-business-know-whats-deductible/): If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive. - [Stuck in the Middle: The Sandwich Generation](https://berelcpa.com/stuck-in-the-middle-the-sandwich-generation/): The term “sandwich generation” was initially coined to describe baby boomers who were squeezed between raising children and caring for aging parents. - [Could You Be Hit with the Trust Fund Recovery Penalty?](https://berelcpa.com/could-you-be-hit-with-the-trust-fund-recovery-penalty/): If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages. - [Who Can Take the Home Office Deduction?](https://berelcpa.com/who-can-take-the-home-office-deduction/): Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. - [Deduction vs. Credit](https://berelcpa.com/deduction-vs-credit/): Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work. - [4 Key Tax Questions About 2025 Taxes](https://berelcpa.com/4-key-tax-questions-about-2025-taxes/): As you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments. - [Are You Sending Automated Invoice Reminder Emails in QuickBooks Online?](https://berelcpa.com/are-you-sending-automated-invoice-reminder-emails-in-quickbooks-online/): Collecting unpaid invoices is probably one of the most unpleasant tasks you must complete to keep your company’s finances going. - [Want to Find Out What IRS Auditors Know About Your Industry?](https://berelcpa.com/want-to-find-out-what-irs-auditors-know-about-your-industry/): A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS seeks regarding compliance with tax laws and regulations. - [Tax-Saving Moves Businesses Should Consider Before Year End](https://berelcpa.com/tax-saving-moves-businesses-should-consider-before-year-end/): Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business. - [Factoring the QBI Deduction into Year-End Tax Planning for Your Business](https://berelcpa.com/factoring-the-qbi-deduction-into-year-end-tax-planning-for-your-business/): Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations, and limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain other income. - [An IRA Withdrawal Strategy with Tax-Reducing Power](https://berelcpa.com/an-ira-withdrawal-strategy-with-tax-reducing-power/): If you’re 70½ or older, you may want to make a qualified charitable distribution (QCD) from your IRA before year-end. Typically, distributions from a traditional IRA are taxable. - [Are You Aware of the Business Credits and Other Tax Benefits Available?](https://berelcpa.com/are-you-aware-of-the-business-credits-and-other-tax-benefits-available/): Tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these benefits often go unclaimed because businesses don’t know about them or erroneously think they’re ineligible. - [Medicare Premiums May Lead to Tax Savings](https://berelcpa.com/medicare-premiums-may-lead-to-tax-savings/): Suppose you pay premiums for Medicare health insurance. In that case, you may combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. - [Get a Jump on Tax Planning](https://berelcpa.com/get-a-jump-on-tax-planning/): Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. - [Independent Contractors: Classify Carefully](https://berelcpa.com/independent-contractors-classify-carefully/): Many businesses use independent contractors to help keep costs down and provide flexibility for short-term needs. However, whether a worker is an employee or an independent contractor is complex. - [Does the Corporate Transparency Act Apply to Your Business?](https://berelcpa.com/does-the-corporate-transparency-act-apply-to-your-business/): Certain companies must provide information related to their “beneficial owners,” the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties. - [Help Prevent Financial Scams Aimed at Older People](https://berelcpa.com/help-prevent-financial-scams-aimed-at-older-people/): Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones - [To Get an "Early" Refund, Adjust Your Withholding](https://berelcpa.com/to-get-an-early-refund-adjust-your-withholding/): You may want to adjust your withholding if you received a large refund this year. Each year, millions of taxpayers claim an income tax refund. - [3 Ways Your Business Can Uncover Cost Cuts](https://berelcpa.com/3-ways-your-business-can-uncover-cost-cuts/): Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, strengthen cash flow, and give you a better shot at strong profitability. - [Is Your Business Closing? Your Final Tax Responsibilities](https://berelcpa.com/is-your-business-closing-your-final-tax-responsibilities/): If you’ve decided to close your business, you might need assistance with some steps, including handling various tax obligations. - [Upcoming Tax Due Dates](https://berelcpa.com/upcoming-tax-due-dates/): April 15, April 30, May 10 - [Retirement Saving Options for Your Small Business](https://berelcpa.com/retirement-saving-options-for-your-small-business/): If you’re looking for a retirement plan for yourself and your employees but are worried about the financial commitment and administrative burdens involved, there are some options to consider. One possibility is a Simplified Employee Pension (SEP). - [Make 2023 Annual Exclusion Gifts by Dec. 31](https://berelcpa.com/make-2023-annual-exclusion-gifts-by-dec-31/): One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. - [3 Strategies for Estimated Tax Payments](https://berelcpa.com/3-strategies-for-estimated-tax-payments/): Many individuals today are self-employed or generate income from interest, rent, dividends, and other sources. If you're in this situation, you could be risking penalties if you don't pay enough taxes during the year through estimated tax payments and withholding. - [Do You Sell Products? How QuickBooks Can Help You Track Them](https://berelcpa.com/do-you-sell-products-how-quickbooks-can-help-you-track-them/): If your business sells products, you know how important it is to be able to track their numbers precisely. Keep your stock at the right levels, and you shouldn't run out of items. You also won't have a lot of money tied up in products that aren't selling. - [Is Disability Income Taxable?](https://berelcpa.com/is-disability-income-taxable/): If you may be eligible for disability income should you become disabled, it's important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.” - [The Ins and Outs of the Home Office Deduction](https://berelcpa.com/the-ins-and-outs-of-the-home-office-deduction/): If you're self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. - [Tax Due Dates for October 2023](https://berelcpa.com/tax-due-dates-for-october-2023/): Trusts and estates - Filing an income tax return for the 2022 calendar year (Form 1041) and paying any tax, interest, and penalties due, if an automatic five-and-a-half-month extension was filed. - [QuickBooks: When Should You Use Sales Receipts?](https://berelcpa.com/quickbooks-when-should-you-use-sales-receipts/): QuickBooks is good at providing tools for creating the business forms you need. If you’ve already created records for your customers and vendors and the products and/or services you sell, filling them out is easy. You just complete a few fields and select from lists for the rest. You can print them or email them, and QuickBooks keeps records of what you’ve sent. But do you always know for sure which type of sales forms you should be choosing for different situations? Your version of QuickBooks may or may not include sales orders, but there are three that it will […] - [Minimizing Capital Gains Tax on Sale of a Home](https://berelcpa.com/minimizing-capital-gains-tax-on-sale-of-a-home/): The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests - [Deducting Business-Related Vehicle Expenses](https://berelcpa.com/deducting-business-related-vehicle-expenses/): If you're self-employed and use your car, SUV, or other vehicle for business, you can deduct certain business-related vehicle expenses. - [Tips for Taxpayers With Hobby Income](https://berelcpa.com/tips-for-taxpayers-with-hobby-income/): A hobby is any activity that a person pursues because they enjoy it without intending to make a profit. When determining whether your activity is a business or hobby, consider the following nine factors - [Small Business Financing: Securing a Loan](https://berelcpa.com/small-business-financing-securing-a-loan/): At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Understand the Basic Principles of Banking It is vital to present yourself as a trustworthy businessperson, dependable enough to repay borrowed money, and to demonstrate that you understand the basic principles of banking. Your chances of receiving a loan will greatly improve if you can see your proposal through a banker’s eyes and […] - [Why You Should Back Up Your Quickbooks File](https://berelcpa.com/why-you-should-back-up-your-quickbooks-file/): It shouldn't take the thought of a natural disaster to make you think about always having a current backup of your QuickBooks information. Files get corrupted. Computers fail and become inaccessible. - [Tax Credits for Energy-Efficient Home Improvements](https://berelcpa.com/tax-credits-for-energy-efficient-home-improvements/): Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. - [IRS Tax Debt Could Affect Passport Renewal](https://berelcpa.com/irs-tax-debt-could-affect-passport-renewal/): As a reminder, individuals with "seriously delinquent tax debts" could have their passport application or renewal denied or even have their current passport revoked. - [Deducting Medical and Dental Expenses](https://berelcpa.com/deducting-medical-and-dental-expenses/): If you, your spouse, or your dependents had significant medical or dental costs in 2022, you may be able to deduct those expenses when you file your tax return this year. Here’s what you should know about medical and dental expenses and other benefits: You Must Itemize You can only claim medical expenses you paid for in 2022, and only if you itemize Schedule A on Form 1040. If you take the standard deduction, you can’t claim these expenses. Deduction is Limited You can deduct all the qualified medical costs that you paid for during the year. However, for 2022, […] - [Tax Treatment of Selling Collectibles](https://berelcpa.com/tax-treatment-of-selling-collectibles/): If you enjoy collecting antiques and collectibles or investing in fine art, wine, or vintage cars, there may be a time when you're ready to cash in and reap the financial rewards. But you need to be aware of the tax impact of selling collectibles. - [Federal Tax Returns: Should You File an Extension?](https://berelcpa.com/federal-tax-returns-should-you-file-an-extension/): Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here's what you need to know. - [State Payments Excluded From 2022 Federal Returns](https://berelcpa.com/state-payments-excluded-from-2022-federal-returns/): Generally, payments made by states are includable in income for federal tax purposes. Due to this unique and complex situation, the rules surrounding their treatment for federal income tax purposes are more complex. - [There's Still Time To Make an IRA Contribution for 2022](https://berelcpa.com/theres-still-time-to-make-an-ira-contribution-for-2022/): If you haven't contributed funds to an Individual Retirement Account (IRA) for the tax year 2022 or put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 18, 2023, the due date, not including extensions. - [Getting Ready for the 2023 Tax Filing Season](https://berelcpa.com/getting-ready-for-the-2023-tax-filing-season/): Monday, January 23, 2023, marks the start of the 2023 tax season and the date the IRS begins accepting and processing 2022 tax year returns. - [Get Paid Faster in 2023: Use These QuickBooks Tools](https://berelcpa.com/get-paid-faster-in-2023-use-these-quickbooks-tools/): Once the holidays are over and you've turned the calendar page to 2023, it's time to start thinking about how you can accelerate your receivables next year. - [Advertising and Marketing Costs May Be Tax Deductible](https://berelcpa.com/advertising-and-marketing-costs-may-be-tax-deductible/): As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here's what you need to know about this valuable tax deduction: - [Retirement Contributions Limits Announced for 2023](https://berelcpa.com/retirement-contributions-limits-announced-for-2023/): Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows - [Tips for Avoiding an IRS Tax Audit](https://berelcpa.com/tips-for-avoiding-an-irs-tax-audit/): Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding "red flags" like the ones listed below could help. - [What To Know About IRS Letters and Notices](https://berelcpa.com/what-to-know-about-irs-letters-and-notices/): Taxpayers should know that the IRS sends millions of these letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. - [Business-related Travel Deductions](https://berelcpa.com/business-related-travel-deductions/): Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public transportation can all add up fast. - [Small Employer Health Reimbursement Arrangements](https://berelcpa.com/small-employer-health-reimbursement-arrangements/): Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses - including the cost of buying health insurance. Here's what small business owners need to know about QSEHRAs. - [What To Know About IRS Online Accounts](https://berelcpa.com/what-to-know-about-irs-online-accounts/): Setting up an IRS Online Account is an easy and secure way for taxpayers to quickly get information about their IRS activity, such as any tax due balance, payments made, and tax records for the past several years. Taxpayers should be aware that balances update no more than once every 24 hours, usually overnight, and should also allow 1 to 3 weeks for payments to show up in the payment history. - [Understanding Your Rights as a Taxpayer](https://berelcpa.com/understanding-your-rights-as-a-taxpayer/): By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer Bill of Rights. Here's an overview: - [New Job? Don't Forget About Your 401(K)](https://berelcpa.com/new-job-dont-forget-about-your-401k/): One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. - [What Is A Reverse Mortgage?](https://berelcpa.com/what-is-a-reverse-mortgage/): A reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you continue to own the home. Reverse mortgages operate like traditional mortgages, only in reverse. Rather than paying your lender each month, the lender pays you. - [Preparing for Hurricanes and Other Natural Disasters](https://berelcpa.com/preparing-for-hurricanes-and-other-natural-disasters/): The Atlantic hurricane season officially begins on June 1, and now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes - [Cash Management Tips for Your Small Business](https://berelcpa.com/cash-management-tips-for-your-small-business/): Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services. - [File on time even if you can't pay](https://berelcpa.com/file-on-time-even-if-you-cant-pay/): Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the total amount due, but if you can't, there are several options. - [There's Still Time To Make an IRA Contribution for 2021](https://berelcpa.com/theres-still-time-to-make-an-ira-contribution-for-2021/): If you haven't contributed funds to an Individual Retirement Account (IRA) for the tax year 2021, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 18, 2022, due date (April 19 if you live in Maine or Massachusetts), not including extensions. - [The 2022 Tax Filing Season: What You Need to Know](https://berelcpa.com/the-2022-tax-filing-season-what-you-need-to-know/): Monday, January 24, 2022, was the official start to this year's tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return. - [Tax Breaks for Older Adults and Retirees](https://berelcpa.com/tax-breaks-for-older-adults-and-retirees/): Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you're 50 or older, here are six tax tips that could help you do just that. - [Standard Mileage Rates for 2022](https://berelcpa.com/standard-mileage-rates-for-2022/): Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021 18 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021, and 14 cents per mile driven in service of charitable organizations. The charitable rate is set by statute and remains unchanged. - [Getting Ready for the 2022 Tax Filing Season](https://berelcpa.com/getting-ready-for-the-2022-tax-filing-season/): While filing your tax return promises to be just as complicated as always - especially if you received stimulus payments or advance child tax credit payments - there are steps that taxpayers can take right now to make sure their tax filing experience goes smoothly in 2022 - [Important Information About Charitable Giving This Year](https://berelcpa.com/important-information-about-charitable-giving-this-year/): The first step when deciding where to make donations is to visit IRS.gov and use the Tax Exempt Organization Search tool to search for information about an organization's federal tax status and filings. - [Tips To Avoid Credit Card Debt This Holiday Season](https://berelcpa.com/tips-to-avoid-credit-card-debt-this-holiday-season/): Credit card balances typically follow a seasonal pattern, increasing significantly in the fourth quarter, coinciding with holiday shopping, and millions of taxpayers are still carrying debt from last year's holiday season. Whether you are diligent about paying your credit card in full every month or are still paying down debt from a previous spending spree, these tips will help you avoid overspending this year and keep credit card spending on track. - [Business Owners: Year-end Tax Planning Strategies](https://berelcpa.com/business-owners-year-end-tax-planning-strategies/): Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let's take a look - [Tax Benefits of Health Savings Accounts](https://berelcpa.com/tax-benefits-of-health-savings-accounts/): While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits. Let's take a look... - [Small Business: Tips for Ensuring Financial Success](https://berelcpa.com/small-business-tips-for-ensuring-financial-success/): Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not. - [Tax Relief for Those Affected by Natural Disasters](https://berelcpa.com/tax-relief-for-those-affected-by-natural-disasters/): Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they're going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is relief for taxpayers - but only if you meet certain conditions. - [What Is a Designated Roth Account?](https://berelcpa.com/what-is-a-designated-roth-account/): Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. - [Key Tax Changes Could Affect Your Tax Situation in 2021](https://berelcpa.com/key-tax-changes-could-affect-your-tax-situation-in-2021/): Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know. - [Settling Tax Debt With an IRS Offer in Compromise](https://berelcpa.com/settling-tax-debt-with-an-irs-offer-in-compromise/): An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone can use this option to settle tax debt; the IRS rejected nearly 60 percent of taxpayer-requested offers in compromise. If you owe money to the IRS and wonder if an IRS offer in compromise is the answer, here's what you need to know. - [7 Tips to Help You Start Saving for Retirement](https://berelcpa.com/7-tips-to-help-you-start-saving-for-retirement/): It's never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's gains - that's the power of compounding - and the best way to accumulate wealth. These ten tips will help you get started: - [Tax Considerations When Selling Your Small Business](https://berelcpa.com/tax-considerations-when-selling-your-small-business/): Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. - [Deductions for Food or Beverages From Restaurants](https://berelcpa.com/deductions-for-food-or-beverages-from-restaurants/): Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances. - [Recovery Rebate Credit May Be Different Than Expected](https://berelcpa.com/recovery-rebate-credit-may-be-different-than-expected/): Some taxpayers who claim the 2020 Recovery Rebate Credit (RRC) on their 2020 tax returns are discovering that they may be getting a different amount than they expected. Let's take a closer look at why this is happening. - [PPP Loan Deadline Extended Through May 31](https://berelcpa.com/ppp-loan-deadline-extended-through-may-31/): The PPP Loan law also gives the Small Business Administration (SBA) an additional 30 days after the May 31 deadline to review and process loan applications. - [Federal Tax Deadline Extended To May 17](https://berelcpa.com/federal-tax-deadline-extended-to-may-17/): The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. - [There's Still Time To Make an IRA Contribution for 2020](https://berelcpa.com/theres-still-time-to-make-an-ira-contribution-for-2020/): If you haven't contributed funds to an Individual Retirement Account (IRA) for the tax year 2020, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 15, 2021, due date, not including extensions. - [Avoiding an IRS Tax Audit](https://berelcpa.com/avoiding-an-irs-tax-audit/): Just 0.45 percent of taxpayers were audited in the fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like the ones listed below could help. - [What's New for 2020 Tax Returns](https://berelcpa.com/whats-new-for-2020-tax-returns/): As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look: - [Should you charge late fees? Quickbooks can help](https://berelcpa.com/should-you-charge-late-fees-quickbooks-can-help/): Many businesses struggle to pay bills these days, so it wouldn't be surprising if your customers have been submitting payments later than usual these last several months. Still, you need to get paid – and on time - because delinquent receivables have a negative impact on your cash flow. - [Credit Reports: What You Should Know](https://berelcpa.com/credit-reports-what-you-should-know/): Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud - and you from identity theft. - [Standard Rates for Vehicles 2021](https://berelcpa.com/standard-rates-for-vehicles-2021/): Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are... - [Charitable Donation Deduction Could Lower Your Tax Bill](https://berelcpa.com/charitable-donation-deduction-could-lower-your-tax-bill/): The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020. - [Retirement Contributions Limits Announced for 2021](https://berelcpa.com/retirement-contributions-limits-announced-for-2021/): Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions; however, if during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. - [Individual Retirement Arrangements: Terms To Know](https://berelcpa.com/individual-retirement-arrangements-terms-to-know/): While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement. - [Taking Early Withdrawals From Retirement Accounts](https://berelcpa.com/taking-early-withdrawals-from-retirement-accounts/): While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know. - [The Home Office Deduction](https://berelcpa.com/the-home-office-deduction/): With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. - [10 Ways To Improve Your Budgeting & Forecasting](https://berelcpa.com/10-ways-to-improve-your-budgeting-forecasting/): Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic plan that meets your business's financial goals. - [Tax Breaks for Teachers and Educators](https://berelcpa.com/tax-breaks-for-teachers-and-educators/): As the new school year begins, teachers, administrators, and aides should remember to keep track of education-related expenses that could help reduce the amount of tax owed next spring. - [COVID-19 | FFCRA Emergency Sick Leave Payroll Tax Credit](https://berelcpa.com/covid-19-ffcra-emergency-sick-leave-payroll-tax-credit/): When it comes to emergency sick leave payroll tax credits, there are options for both situations. Check out our list of the Families First Coronavirus Response Act (FFCRA) items you should know. - [COVID-19 | Emergency Family Medical Leave Payroll Tax Credit](https://berelcpa.com/covid-19-ffcra-emergency-family-medical-leave-payroll-tax-credit/): There are tax credit relief options available to small business owners under the Families First Coronavirus Relief Act (FFCRA) covering Emergency Family Medical Leave. The FFCRA’s paid leave provisions are effective on April 1, 2020, and apply to leave taken between April 1, 2020, and December 31, 2020. - [Pass on Wealth to Heirs Using These Strategies](https://berelcpa.com/pass-on-wealth-to-heirs-using-these-strategies/): Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low-interest rates and a volatile stock market are creating additional opportunities. - [Loan Forgiveness Under the Paycheck Protection Plan](https://berelcpa.com/loan-forgiveness-under-the-paycheck-protection-plan/): If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Here's what you need to know about loan forgiveness under the PPP. - [What Should Be Included in the PPP Loan](https://berelcpa.com/what-should-be-included-in-the-ppp-loan/): We now have more clarity on what expenses we can apply to applications and what is considered accepted payroll expenses. - [COVID-19 | Accounting for the PPP Loan](https://berelcpa.com/covid-19-accounting-for-the-ppp-loan/): For purposes of the Paycheck Protection Program (PPP) loan and how it's calculated there have been a lot of discussions around how to properly document your financial need. - [COVID-19: Latest on the Paycheck Protection Program](https://berelcpa.com/covid-19-latest-on-the-paycheck-protection-program/): The form is simple enough as any loan application, but some intricacies warrant an in-depth understanding of current state laws and regulations when making requests. - [Important Federal Tax Deadline Change](https://berelcpa.com/important-federal-tax-deadline-change/): The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. 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Welcome to berelcpa.com. The berelcpa.com website (the “Site”) is comprised of various web pages operated by Website (“BCPA”). Berelcpa.com is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein (the “Terms”). Your use of berelcpa.com constitutes your agreement to all such Terms. Please read these terms carefully, and keep a copy of them for your reference. Berelcpa.com is a website providing information about our services and activities. Privacy Your use of berelcpa.com […] - [Privacy Policy](https://berelcpa.com/privacy-policy/): [et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.16.1″ module_alignment=”left” hover_enabled=”0″ border_style=”solid” global_colors_info=”{}” sticky_enabled=”0″] PRIVACY POLICY BerelCPA.com (the “Company” or “we” or “us”) is committed to preserving the privacy of all visitors to this website. Please read the following privacy policy to understand how we use and protect the information that you provide to us. USE OF THE INFORMATION WE COLLECT Your personal information will enable us to provide you with access to all parts of our site and will be used for several general purposes, including administering our business activities; providing […] - [Add an Article](https://berelcpa.com/add-an-article/): [et_pb_section bb_built=”1″ admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” _builder_version=”3.0.51″ background_layout=”light” text_orientation=”left” border_style=”solid”] You can add an article to your website using the form below. Just complete the form and add a picture if you have one. If you don’t have a picture we will find a great, royalty free image for you. When you submit the form it will send us notification that your article is ready. Then we go onto your website, add nice headers and try to maximize your keywords and publish the article for you. Give us at least 24 hours to post your article. [gravityform id=”1″ title=”false” description=”false” […] ## Optional - [Agent (MCP protocol)](websites-agents.hostinger.com/berelcpa.com/mcp) [comment]: # (Generated by Hostinger Tools Plugin)