About Cara Smith

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So far Cara Smith has created 7 blog entries.

The CARES Act – Tax Highlights

Phase 3 of the COVID-19 stimulus package (the CARES Act) was just signed by President Trump.  The CARES Act includes several income tax provisions that attempt to lessen the impact and encourage individuals and businesses to keep putting money back into the economy.  See  https://mwbpc.com/the-cares-act-business-highlights/ for the business highlights of the CARES Act.   Business [...]

By |2020-03-27T23:18:14+00:00March 27th, 2020|COVID-19, General, Tax|0 Comments

Families First Coronavirus Response Act

The Families First Coronavirus Response Act, the second coronavirus emergency aid package, was signed into law by President Trump on the evening of March 18, 2020.  Only a small part of the legislation contains tax provisions; while the rest of the bill primarily focuses on funding for increased COVID-19 testing, providing free testing for everyone, [...]

By |2020-03-27T19:39:37+00:00March 20th, 2020|COVID-19, General, Tax|0 Comments

Pass-through Income Tax Reform Proposals

Pass-through income tax reform proposals By Cara L. Smith, CPA, CFP   The House and Senate bills both provide tax benefits to owners of pass-through businesses (those taxed as S Corporations or Partnerships), but they use different methods to determine the benefit.  The House bill would impose a 25% maximum tax rate on pass-through business [...]

By |2017-12-14T18:24:59+00:00December 14th, 2017|Tax|Comments Off on Pass-through Income Tax Reform Proposals

C Corporations now have an extra month to file Federal tax return

Starting this year, many C corporations have an additional month to file Federal tax returns.  Previously C corporations using a calendar year-end had to file by March 15.  Beginning with 2016 returns, that date is now April 15.  Such corporations can also request an automatic extension of time to file the tax return.  While the [...]

By |2017-02-08T10:08:18+00:00February 8th, 2017|Tax|Comments Off on C Corporations now have an extra month to file Federal tax return

Earlier deadline to file Form W-2s and 1099-MISC

W-2s and 1099-MISC reporting Non-Employee Compensation are now due to be filed with the IRS by January 31, 2017.  This earlier deadline is aimed to make it easier for the IRS to detect and prevent refund fraud.  The earlier due date will allow the IRS to match data filed by employers to those amounts reported [...]

By |2017-01-10T13:46:28+00:00January 10th, 2017|Tax|Comments Off on Earlier deadline to file Form W-2s and 1099-MISC

Year End Planning for 2016

As 2016 draws to a close, add year-end tax planning to your "to-do" list.  Many overlook end-of-the year tax planning and the money savings benefits it can provide.  There is very little that can be done after December 31st to reduce taxes, so it is important to look at your tax situation before the end [...]

By |2016-12-14T11:53:48+00:00December 14th, 2016|Tax|Comments Off on Year End Planning for 2016

How to Pay Your Taxes Electronically

Options to Pay Federal Taxes Electronically   IRS Direct Pay                    https://www.irs.gov/Payments/Direct-Pay This service is for individuals only and offers a free, secure electronic payment method through the IRS” website.  IRS Direct Pay requires individual to provide information on previously filed return and answer questions aimed to authenticate the individual.  Payments can be scheduled [...]

By |2016-03-28T17:49:51+00:00March 28th, 2016|Tax|Comments Off on How to Pay Your Taxes Electronically