MeridianTax.Solutions

Heads up:

If you received unemployment benefits in 2020, you may want to hold off on filing your return. Stimimuls package tax changes (like the first $10,200 of unemployment being nontaxable) havent been signed into law yet.

Currently amendments processing is taking anywhere from 6 months to a lifetime to process.

Attn: Business owners- Net income, taxable income, and cash flow are not the same. Net income is calculated as revenue less expenses. Taxable income takes into account deductions like depreciation, amortization, prior year losses, and gains or losses due to non-operating activities. Cash flow the balance of your net proceeds in and cash outflows... Each of these are important for different reasons. I’ll go into this further over the next few days....