TSBAS Accounting Bookkeeping Payroll Tax Preparation
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things

Location, Location, Location

9/29/2021

0 Comments

 
Someday we will hopefully reach a point where discussing tax matters won’t just involve things that happened (or happened more) during the pandemic.

But we are not there yet.

So today I wanted to write a little bit about location. This really stood out last year as more people worked from home. And that home was not always in the same state as where they used to work. That changed how many had to pay and file taxes.

And now this year, many people are still doing so, some others are joining the work-at-home forces for the first time, others who could not travel for a time are working in new areas, and all these situations could raise new questions.

These issues came back into my view through a recent Accounting Today article that covers a lot of these situations for mobile entertainers. I don’t have the space to go as in depth here but wanted to put out a couple key points for those who may be affected.

The biggest one of these is to just keep records of what you are doing and where you are doing it. You are not going to be able to look back at a year of transactions and payments if you are working in various areas and specifically recall where each happened.

This is also good practice for people who may not be setting up shop in different areas but travel for work. The better your record keeping when on trips, the more you will be properly tracking your potential deductions and keeping yourself from missing any expenses.

In addition to record keeping, though, I also want to stress the important of planning. So often in situations like this, where someone may be working in a new state, they understand that there could be tax implications, but tend to push that idea away and plan to deal with it when tax filing comes. Of course, this could lead to a nasty surprise if you did not set things up correctly, owe more money than you realized, and hit yourself with a surprise, large bill. At the same time, though, maybe you’ll be paying way more than you would have had to and could have been using that money that was being withheld to do something different along the way. Either way, planning would have prevented the situation.

So be aware and be active in addressing your situation. After all, in a time that has upended a lot of our lives, the more we have control over, the better we feel.

Warmly,

Josh Bousquet
Connect to Us ~ 
Facebook ~ Twitter

To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

0 Comments



Leave a Reply.

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    RSS Feed

    Categories

    All
    Balance
    Bookkeeping
    Business
    Payroll
    Tax
    Tax Prep
    Tax Return
    Tax Scam

    View my profile on LinkedIn
Website by Odeh Media Group
Copyright ©2022 TSBAS.com, All Rights Reserved
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320
(844) 208-2937