Ag FinTax

Stock options are one of the most enticing reasons to join an early-stage startup or other growing business. You’re almost certainly familiar with the tales of Silicon Valley employees who “got in early” at startups that went on to incredible valuations and, eventually, extremely lucrative IPOs.  Many people jump at the chance to take a job when they hear their compensation will include stock options. However, if you’re about to receive incentive stock options from an employer, you should know that capitalizing on them isn’t as simple as it might seem.  If fact, if you go in blind, your stock options could actually wind up burdening you with an excessive tax bill. We put together a handy tax strategy guide for anyone with employer-issued incentive stock options.  Here’s what you should know: What are Incentive Stock Options? An Incentive Stock Option (ISO) gives you, the employee, the right to buy shares of company stock. In addition, ISOs are potentially entitled to pre...

It’s true what they say, that nothing is for sure but death and taxes. However, this year we get a little reprieve from the latter. Due to the global COVID-19 pandemic, the IRS has extended the tax filing deadline from April 15 to May 17, giving filers an additional month to get their financial affairs in order. While the procrastinators amongst us might be rejoicing (and no shame in that), could it help to file before the tax filing extension? Does this extension give taxpayers more time to file state taxes? What incentive is there to get your taxes wrapped up?  That’s what we’ll cover in this guide: Tax Deadline Delayed Until May 17 — Should I Wait or File Now? Why did the tax filing date change? While the original tax filing date was slated for April 15, in keeping with most years, the Treasury Department and Internal Revenue Service announced on March 17, 2021, that this year’s tax filing deadline would be extended to May 17.  The announcement was made to give taxpayers r...

The big news this tax season is that the deadline for filing has been pushed back from April 15th to May 17th . This decision was made in light of the ongoing coronavirus pandemic, and it gives taxpayers a little more time to file their taxes.  That said, it never hurts to start preparing a little early. And if you’re new to filing taxes, or you’re not sure you’ve done it correctly in the past, then you may want to go over the basics of filing. Fortunately, even though filing your taxes seems intimidating, it can be fairly straightforward once you answer a few questions. Who has to file their taxes? If you’re reading this, you probably need to file a tax return. If you’re a dependent or your income is very low, you may not need to file, however, there can still be benefits to filing in these cases. So it’s best to check with a tax professional if you’re unsure of whether or not you should file.  What will I need to file my taxes? The first step in filing your taxes is gatherin...

2020 was a very different year for most of us—so much so that the IRS has officially pushed back the deadline for filing your 2020 taxes from the traditional April 15th to May 17th.  However, some things, like the forms business owners need to file their taxes, haven’t changed. If you’re doing basic accounting for a small business, trying to juggle all those tax forms in the spring can be a full-time job. But it gets a whole lot easier if you know what you’re looking for and what you need to do with each form.  With that in mind, here’s a guide to some of the most important tax forms you’ll need to keep an eye out for, whether you’re a sole proprietor or have dozens of people on your payroll.  Tax Forms For Small Business Owners Form W-2 The official name of the W-2 form is the Wage and Tax Statement, and if you pay any employee more than $600 in a given year, then you owe them a W-2 form by January 31st of the following year, at the latest. The IRS requires employers to...