Timely Financials-1

Welcome to


The Learning Center

One of our core values is empowerment through education - it means a lot to us.

The Learning Center was made as a resource for business owners and inquisitive individuals who want to learn more about the current world of taxes and accounting.  If that sounds like you, you're in the right place.

Reach out if you have any questions.  Thanks!

3 min read

Quarterly Estimated Taxes

By Sean DiMercurio CPA CGMA on May 17, 2021

Taxes are no longer something you can do once a year. If you want to ensure you have mastered your cash flow, then quarterly taxes are something that can help you do this.

Although it might seem like a bit of a chore, there are many upsides. Paying your taxes quarterly allows you to spread the responsibility over the year so you don’t experience any challenges with your cash flow, and you can make sure you don’t have a huge bill to pay in April. Here we’re going to look at how quarterly taxes work and what you should know.

 

Topics: Tax Featured Tax - Individual Tax - Business Tax 101
2 min read

S Corporations: Reasonable Compensation Explained

By John Kirkland on Feb 03, 2021

An S corporation is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to the shareholders and taxed at their individual tax rates.

Topics: Tax Payroll Tax - Individual Tax - Business S-Corporation
3 min read

3 Common Personal Income Tax Problems & How to Respond

By John Kirkland on Feb 02, 2021

Tax problems aren't just a worry that hang over people's heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can't provide. Additionally, the IRS isn't the only source of those problems: state tax authorities are hungry for revenue, and if you divide your time among different states, you may find it difficult to establish nexus and may even have to file taxes in multiple states.

Topics: Tax Tax - Individual
4 min read

Important Tax Due Dates

By Sean DiMercurio CPA CGMA on Jan 07, 2021

Running a business is downright difficult.  Keeping track of important tax due dates shouldn't be.  Review these deadlines on a monthly or quarterly basis to keep track of what is due and when!

Topics: Tax Accounting Payroll Tax - Individual Tax - Business Tax 101
4 min read

Your Guide to Using 529 College Savings Plans

By John Kirkland on Jul 15, 2020

When it comes to saving for your child’s future college expenses, 529 college savings plans are one of the most popular options — and for good reason. These plans allow you to tuck away money for future tuition expenses without taking a hit from taxes. 

Topics: Tax Tax - Individual
3 min read

Working from home during the COVID-19 outbreak? It probably won’t save you much on your taxes.

By Sean DiMercurio CPA CGMA on Apr 09, 2020

Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of isolation due to the COVID-19 pandemic, many workers who’ve been told to work from home are wondering whether they’ll be eligible for that additional tax benefit. Unfortunately, the short answer to that question is probably “no.”

Topics: Tax Tax - Individual Tax - Business Coronavirus
2 min read

Self-Employed and Independent Contractors Now Qualify for Unemployment Benefits

By John Kirkland on Apr 07, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27th by President Trump, includes an unemployment assistance program for individuals who under normal circumstances would not qualify for unemployment benefits, which traditionally have only applied to employees. Under the CARES Act, unemployment benefits are now available for self-employed individuals, independent contractors and others – even some with limited work history – who are unable to work because of the coronavirus emergency.

Topics: Tax - Individual Coronavirus Contractors
3 min read

Running Low on Money? Congress Has Made it Easier for You to Tap Your Retirement Savings

By Sean DiMercurio CPA CGMA on Apr 03, 2020

If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it easier for you to access your retirement funds during this emergency.

Topics: Tax Tax - Individual Coronavirus
34 min read

How can I file for unemployment in the United States?

By Sean DiMercurio CPA CGMA on Apr 02, 2020

In these times of uncertainty, governments all over the world are taking unprecedented action to support people who have been adversely affected by the COVID-19 pandemic. On March 12th, the U.S. Department of Labor released updated eligibility criteria for unemployment insurance (UI) programs to include people that have become unemployed as a direct result of the coronavirus outbreak.

Topics: Tax - Individual Coronavirus Contractors