Lillian's Professional Services

Different financial goals call for different strategies. See if your goals are on this list to see if you can get there faster. What are your financial goals for 2022?

There are a plethora of loans out there for small businesses like yours even grants you don’t have to repay. Some of those loans could even be waiting in some unusual places. Believe it or not, Walmart Inc. offers a ton of grants to businesses. ... The U.S. Treasury also has a Community Development Financial Institutions Fund with a list of local resources that can help small businesses like yours, especially in certain industries and sectors.

Of course, we all know W2s and 1099s will be coming our way as part of tax documentation, but also be on the lookout for these two letters from the IRS: 1. Letter 6475 - Third Economic Impact Payment total amount received 2. Letter 6419 - Advance Child Tax Credit payments total amount received

Friendly reminder: The final estimated tax payment for 2021 is due today. Also, based on the glacial pace that we’re seeing with IRS response times, and the general level of disruption that tax season brings... It’s a really good idea for YOU to get your tax filing documents together just as soon as humanly possible and get an appointment with us so we can get things squared away for you.

Today, we honor this great man who changed the course of American history in the face of great adversity. May we all have the courage to stand for what is right, even when it costs us.

Lillian's Professional Services LLC on the New $600 Reporting Requirement for Digital Payment Apps https://bit.ly/3KjAgdl

Would you do us a favor? As the conversation turns to taxes in the next couple of months with your friends, coworkers, and family, we'd be grateful for your recommendation. We're always looking to grow and win more clients just like you. Thank you (in advance) for your referral!

With the tax season train arriving very soon, here's what you'll want to gather so you're ready to go when you contact us about filing your taxes: - Personal: Social Security number, dates of birth, and bank account information for you, your spouse, and your dependents. Also, dig up a copy of last year’s (or most recent) tax returns. - Income: If you're an employee, you need a W-2s. If self-employed, a 1099 NEC form. For any social security benefits you received, you'll need ...an SSA 1099. And a whole host of other 1099 forms for various dividends, interest, and other payments made to you. - Credits: IRS letters regarding stimulus payments, child tax credits, and other pandemic-related help. You can also gather receipts and other records for what you paid in mortgage interest, student loan interest, charitable donations, and medical expenses.

There's a new tax rule buried in the American Rescue Plan Act passed in 2021, and it could have a serious impact on your small business if you use digital payment services like PayPal, Venmo, or CashApp.

"And we're off to the races again..." Tax races, that is. Starting January 24th for all filers.

A few things to consider as the date to begin filing 2021 taxes approaches.

Lillian's Professional Services LLC on Last-Minute Tax Moves for 2021 https://bit.ly/3q9RwcV

New York/New Jersey Metro Taxpayers, How to Get 2021 Tax Filing Documents in Order https://bit.ly/3HNLBQQ

This one hits the nail on the head, especially in our assumptions in the financial realm where there are so many gray waters and well-meaning advice-givers. Trust us to help you see through clear lenses when it comes to finances and your taxes.