It can be overwhelming to think about what receipts and papers are necessary to keep when filing your taxes. It is important to have information about your income, adjustments to your income, itemized tax deductions and credits, and taxes you’ve paid. What does all this mean? Let me show you a few examples of documents to keep for your taxes. …

What is FAFSA? FAFSA is a form completed each year by college students to determine eligibility for student financial aid. There are many sources of financial aid available. Loans, grants, scholarships, and work-study funds all affect taxes differently. Student loans are not considered taxable income. You are expected to pay back the lender, so loans are not considered a source …

COVID-19 had an effect on most business’ way of working during 2020. We continue to follow the same practices from the 2020 tax year to the 2021 tax year. We are continuing to receive drop offs rather than meeting in person. Remember some key points when dropping off your documents: If there is anything unusual about any of your documents, …

  When you file your 2021 tax return during the 2022 tax filing season, you will need to compare: 1) The total amount of the advance Child Tax Credit payments that you received during 2021; with 2) The amount of the Child Tax Credit that you can properly claim on your 2021 tax return. Excess Child Tax Credit Amount: If the …

  The sooner you start planning for your retirement, the better off you will be. It is recommended that you start at least saving for retirement, if not planning, as soon as you enter the workforce. Yes, retirement may seem like it’s lightyears away when you are in your early 20s and fresh out of college. As any retiree will …

I believe there are many people that have received a phone call or an email from someone impersonating an IRS agent. It seems that this kind of behavior is becoming more common every day. And the fraudsters are getting much better at disguising their efforts.  Even the IRS has been informing taxpayers to be aware of the various telephone scams. …

The concept of calculating, preparing, then reporting your company’s payroll can be a daunting task. While there are several reasons to consider outsourcing your payroll, let us explore 5 pains of doing your own payroll: Knowledge: By no means does this mean you are incapable of understanding payroll, but the fact is payroll can be complex in calculation. In addition, …

I am sure you are wondering what the heck is Multifactor Authentication?! How am I supposed to know if it is a pain or protection? Multifactor Authentication is a tool you would use to validate your identity when accessing cloud-based resources. Examples of a cloud-based resource would be your online banking, or even your Amazon account. Use of Multifactor Authentication …

At D.K. Arndt, we are anticipating very limited “in-person” appointments and more discussions over the phone or through video conferences. For your safety and ours, this is a must in order to do our part to help limit the spread of Covid-19. Clients will be getting their information to us by dropping it off, scanning and uploading it to their …

As a small business owner, accounting and taxes can take up a lot of time and focus. Wouldn’t you rather hire a professional to prepare for tax-day and spend your energy on your business? Here are a few reasons why working with a CPA make a lot of sense: Getting started on the right foot makes a huge difference. Working …