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!

5 min read

What you need to know about the 2021 Child Tax Credit

Published on Jul 20, 2021 by Kristen Grau | Last updated on Jul 26, 2021

Millions of parents will find up to $300 per child in their pockets every month starting in July.

Tax - Individual Recent Tax News
3 min read

Quarterly Estimated Taxes

Published on May 17, 2021 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 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.

 

Tax - Individual Tax - Business
2 min read

S Corporations: Reasonable Compensation Explained

Published on Feb 03, 2021 by John Kirkland | Last updated on Jul 21, 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.

Tax - Individual Tax - Business
3 min read

3 Common Personal Income Tax Problems & How to Respond

Published on Feb 02, 2021 by John Kirkland | Last updated on Jul 21, 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.

Tax - Individual
4 min read

Important Tax Due Dates

Published on Jan 07, 2021 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 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!

Accounting Tax - Individual Tax - Business
4 min read

Your Guide to Using 529 College Savings Plans

Published on Jul 15, 2020 by John Kirkland | Last updated on Jul 21, 2021

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. 

Tax - Individual
3 min read

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

Published on Apr 09, 2020 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

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.”

Tax - Individual Tax - Business Coronavirus
2 min read

Self-Employed and Independent Contractors Now Qualify for Unemployment Benefits

Published on Apr 07, 2020 by John Kirkland | Last updated on Jul 21, 2021

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.

Tax - Individual Coronavirus
3 min read

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

Published on Apr 03, 2020 by Sean DiMercurio CPA CGMA | Last updated on Jul 21, 2021

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.

Tax - Individual Coronavirus