Posted on October 8, 2021

The Taxpayer Certainty and Disaster Tax Relief (CARES) Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. According to Mike Poynter of Teipen CPA Group, the new law extends through the end of 2021 and includes four temporary tax changes, including: Deduction for individuals who don’t […]

Posted on October 4, 2021

  October 15 is fast approaching – which is the last day to file taxes if you requested an extension for your 2020 tax return. Taxpayers should file by Friday, October 15, 2021 to avoid a failure-to-file penalty. If this includes you, know you can file any time on or before Friday, October 15, providing […]

Posted on September 25, 2021

Backup withholding, according to Mike Poynter, CPA at Teipen CPA Group, is “a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Those who receive this type of income may have backup withholding deducted from their payments.” Here’s how that works: Backup withholding is required on some […]

Posted on September 20, 2021

September’s here – a good time to step up to the fourth quarter and take a clear look at your upcoming 2021 tax situation. Tax credits and deductions can mean more money in a taxpayer’s pocket. But most people only think about this when they file their tax return. That’s why we at Teipen CPA […]

Posted on September 15, 2021

Lots of folks pay into Individual Retirement Accounts over a lifetime. And many depend on them to make retirement living more comfortable. But, like everything else in life, there are many different types of IRAs that function differently, depending on the income level and tax situation of the IRA owner. Here’s the skinny on IRAs: […]

Posted on September 2, 2021

If you have uncertainties about the advance child tax credit and how it may affect your tax situation, you aren’t alone. Here is what we at Teipen CPA Group, are telling our clients. Qualifying families will receive early payments of the tax credit for the 2021 tax year. The IRS will disburse these advance payments monthly through […]

Posted on August 23, 2021

Indiana’s expanded Small Business Restart Grant was begun this past spring to help accelerate economic recovery. The recovery program supports Hoosier entrepreneurs and small businesses, providing working capital to eligible companies through reimbursement of certain expenses related to the global pandemic. Here’s what Indiana small businesses should know: Eligible businesses may apply for grant funding […]

Posted on August 14, 2021

So – why might this matter to you? The IRS just handed taxpayers digital control over who can represent them or view their tax records if and when they have a dispute. That’s a great option for taxpayers and a groundbreaking step in the agency’s expansion of electronic options for taxpayers and tax professionals. Mike […]

Posted on August 8, 2021

If you are a young person working a summer job, you may not know what you need to know – that students owe taxes on their earned income – yes, even if it goes toward college expenses. Not all the money students earn will make it to their pocket because employers must withhold taxes from […]