Vera V DeLoatch, Accounting & e~file Tax Services
  (484) 353-4738   
  efiletaxservicescloud@gmail.com 
VIRTUAL INTERVIEWS , OFFICE AND TELEVISITS AVAILABLE!
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Protection Plus Audit Assistance                                            


      FRIGHTENING

  • Last year, the IRS sent out over 5 million automated audit inquiries.                          
  • In 2014, 1 out of every 14 Americans had their identity stolen.
  • These are frightening experiences and they can happen to you.

      PARTNERED
  • We have partnered with Protection Plus to provide our clients with 
          access to their experienced professionals to help our clients when 
          they need it.

      RECOMMEND
  • Many of our clients choose this benefit for the peace of mind it provides and 
          we recommend you do the same.
  • We recommend that you include Protection Plus with your return to be 
          sure you have access to experienced professionals to help you in the 
          event of an IRS Audit or Identity Theft Incident.


Consultation(s)

 Office Visit - Evaluation and assessment of managing requirements, follow ups and recommendations for maintaining everyday operations of business.  Initial phone inquiry and assessment determines office visit evaluation.


Electronic Filing

 Self-Prepare your Individual or Business Tax Return and we electronically file it for you.

Business Taxes

 When starting a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also payroll taxes.

 There are four general types of business taxes:

 1. Income tax - The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. 
    An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not
    pay enough tax that way, you might have to pay estimated tax.

 2. Self-employment tax - Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work 
    for themselves. Your payments of SE tax contribute to your coverage under the social security system. Social security coverage              provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits.

 *Generally, you must pay SE tax and file Schedule SE (Form 1040) if either of the following applies.

​        - If your net earnings from self-employment were $400 or more.

        - If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order)              that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108.28 or more in              wages from the church or organization.

​ 3. Employment tax - As an employer you have certain employment tax responsibilities that you must pay and forms you must file.             Employment taxes include the following:

  • Social security and Medicare taxes
  • Federal income tax withholding
  • Federal unemployment (FUTA) tax

 4. Excise tax - You may have to pay excise taxes if you do any of the following:

  • Manufacture or sell certain products.
  • Operate certain kinds of businesses.
  • Use various kinds of equipment, facilities, or products.
  • Receive payment for certain services.

 *Must provide PRIOR year business tax returns.


Individual Taxes

 What you need to bring (individual circumstances subject to additional documentation):

  •       W-2 and/or 1099.
  •       Social Security Cards (yourself, spouse, children and other dependents).*
  •       Government-Issued picture ID.
  •       Copy - (2) prior years tax returns.
  •       Expenses (paid in year filing).
  •       Childcare information (providers EIN & payment receipts).
  •       Voided check and/or savings account information for direct deposit.
  •       1098 (student loan interest, mortgage interest and/or property tax).
  •       1099 (interest, dividends, unemployment, government and miscellaneous income).

 *Taxpayers are REQUIRED to provide social security cards for all dependents in household.

 
Affordable Care Act (ACA)

The Affordable Care Act contains comprehensive health insurance reforms and includes tax provisions that affect individuals, 
families, businesses, insurers, tax-exempt organizations and government entities. These tax provisions contain important 
changes, including how individuals and families file their taxes. The law also contains benefits and responsibilities 
for other organizations and employers.



Form 8962, Premium Tax Credit (PTC)

        Premium Tax Credit: Act Now to Keep Getting Advance Payments
        Your premium tax credit advance payments may be affected by IRS processing delays due to COVID-19.

       To keep getting advance payments of the premium tax credit in 2021, self-attest now on your health insurance  
       marketplace website. Log on to your marketplace account and follow instructions there.


Tax Provisions

       Individuals

      Employers

      Other Organizations

      Miscellaneous Provisions











                                                                                      
  •                                                                        Individuals

  •                                                                        Credits & Deductions
  • ​                                                                          Earned Income Tax Credit (EITC)                      
  •                                                                           Child Tax Credit
  • ​                                                                          Standard Deduction 




  •                                                                     Businesses                                                                      
  •                                                                                     Tax Information For Businesses and Self-Employed    ​                                                                         
                                                                            Business Types      

                                                                                                 Sole Proprietorship                                                                                   
                                                                                                 Partnership                                                                              
                                                                                                 Corporation
                                                                                                 S Corporation
                                                                                               Limited Liability Company or LLC                                                                                                                                                               International Business
                                                                                                                                  

Reporting

QuickBooks and /or Excel reporting for Compilation Reports - Financial Statements: Balance Sheet (Statement of 
Financial Position), Income Statement (Statement of Revenues and Expenses), Statement of Owner's Equity (Retained 
Earnings or Equity), and Statement of Cash Flows.


 
Small Business Accounting Services (SBAS)
 
SBAS - A full service start-up package that includes a record keeping system plus all business taxes and payroll setup specific
 to your particular business structure.

There are five basic guidelines for your new businesses to get off to a good start:

1. Business Structure. As you start out, you’ll need to choose the structure of your business. Some common types include sole                    proprietorship, partnership and corporation. You may also choose to be an S corporation or Limited Liability Company. We’ll 
    report your business activity using the IRS forms which are right for your business structure.

2.  Business Taxes. Income tax, self-employment tax, employment tax and excise tax.

3.  Employer Identification Number. You may need to get an EIN (Employer Identification Number) for federal tax purposes.

4.  Accounting Method. An accounting method will determine when to report income and expenses. Your business must use a                     consistent method. 

     The two most common are the cash method and the accrual method.

  • 1)  Under the cash method, you normally report income in the year that you receive it and deduct expenses in the year that you            pay them.
  • 2)  Under the accrual method, you generally report income in the year that you earn it and deduct expenses in the year that you            incur them.  Even if you receive the income or pay the expenses in a future year.

5.  Employee Health Care. The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for           health care coverage they offer their employees.  





   No W-2, No Problem.
   Contact us for details. 
   ***2020 Tax Highlights***
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