Wycotax - Tax Preparation Services

         Wycotax offers professional tax preparation services, income tax return, filing and planning in Harlingen & Brownsville TX location.        

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Tax Preparation Harlingen

Need help with tax preparation and financial services in Harlingen? WYCOTAX offers a wide range of tax preparation services to help you get your maximum refund.

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WYCOTAX Expertas en contabilidad: Empresa de servicios de contabilidad en Harlingen, TX

Busca expertos profesionales en contabilidad para trabajar? WYCOTAX proporciona de pequeño a grande negocios con subcontratada teneduría de libros, inclusa servicios de nómina y más.

Empresa de servicios de contabilidad en Harlingen, TX

Busca expertos profesionales en contabilidad para trabajar? WYCOTAX proporciona de pequeño a grande negocios con subcontratada teneduría de libros, inclusa servicios de nómina y más.

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How does the IRS help women-owned businesses under the CARES Act? The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended section 172(b)(1) to provide for a carryback of any net operating loss (NOL) arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the loss arises (carryback period). Tune in every Tuesday for more helpful tax tricks and tips! Bonus! Like, share & comment on this post and DOWNLOAD FREE Tax, Payroll & Bookkeeping CHECKLISTS: wycotax.com/tax-bookkeeping-checklists Having your own business should be fun. Instead of spending a lot of time and money on jobs, you can outsource, why not entrust the technical aspects of your business to someone professional and competent? WYCOTAX make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY! Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

Prepare and e-File your tax returns now at Wycotax.com.

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How does the IRS help women-owned businesses under the CARES Act

Welcome to Tax No Tuesday!!

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended section 172(b)(1) to provide for a carryback of any net operating loss (NOL) arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the loss arises (carryback period).

Tune in every Tuesday for more helpful tax tricks and tips!

Bonus! Like, share & comment on this Video and DOWNLOAD FREE Tax, Payroll & Bookkeeping CHECKLISTS

Having your own business should be fun. Instead of spending a lot of time and money on jobs, you can outsource, why not entrust the technical aspects of your business to someone professional and competent? WYCOTAX make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

Know More Tax Information Visit us.

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How does the IRS help women-owned businesses under the CARES Act?

Welcome to Tax No Tuesday!!

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended section 172(b)(1) to provide for a carryback of any net operating loss (NOL) arising in a taxable year beginning after December 31, 2017, and before January 1, 2021, to each of the five taxable years preceding the taxable year in which the loss arises (carryback period).

Tune in every Tuesday for more helpful tax tricks and tips!

Bonus! Like, share & comment on this video and DOWNLOAD FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/tax-bookkeeping-checklists/ Having your own business should be fun. Instead of spending a lot of time and money on jobs, you can outsource, why not entrust the technical aspects of your business to someone professional and competent? WYCOTAX make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

More details Visit Web.

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Back To School Credits And More

Welcome to Tax No Tuesday!!

Qualifying expenses for the child and dependent care credit:

1. A babysitter, a cook, housekeeper or maid; 2. Costs related to before- and after-school care; 3. Costs related to a nurse, home care provider

Tune in every Tuesday for more helpful tax tricks and tips!

Bonus! Like, share & comment on this post and DOWNLOAD FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/tax-bookkeeping-checklists/

Having your own business should be fun. Instead of spending a lot of time and money on jobs, you can outsource, why not entrust the technical aspects of your business to someone professional and competent? WYCOTAX make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

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What is the Penalty for Not Paying Estimated Taxes?

Welcome to Tax No Tuesday!!

Estimated tax payments are generally required, if you expect to owe $1,000 or more when the return is filed. If your income is received unevenly during the year, you may be able to avoid or lower the penalty by annualizing your income and making unequal payments. Resource: https://www.irs.gov/

Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX

FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/tax-bookkeeping-checklists/

Having your own business should be fun. Instead of spending a lot of time and money on jobs you can outsource, why not entrust the technical aspects of your business to someone professional and competent?  WYCOTAX  make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any.

how to become a tax preparer and more.

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What is Bounced Check Penalty?

Welcome to Tax No Tuesday!!

For payments of $1,250 or more, the penalty is 2% of the amount of the payment.

For payments less than $1,250, the penalty is the amount of the payment or $25, whichever is less.

Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX

FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/tax-bookkeeping-checklists/

Having your own business should be fun. Instead of spending a lot of time and money on jobs you can outsource, why not entrust the technical aspects of your business to someone professional and competent?  WYCOTAX  make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any.

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Tax No Tuesday Episode 72: 4 Most Common Tax Penalties

Common penalties include:

Failure to file – when you don't file your tax return by the return due date, April 15, or extended due date if an extension to file is requested and approved.

Failure to pay – when you don't pay the taxes reported on your return in full by the due date.

Failure to pay proper estimated tax - when you don’t pay enough taxes due for the year with your quarterly estimated tax payments.

Dishonored check - when your bank doesn't honor your check or other form of payment.

Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/tax-bookkeeping-checklists/ Having your own business should be fun. Instead of spending a lot of time and money on jobs you can outsource, why not entrust the technical aspects of your business to someone professional and competent?  WYCOTAX  make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

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Welcome to Tax No Tuesday!! Penalties and interest stop accruing as soon as you pay your balance in full. If you can't pay your balance in full, pay what you can now. You can apply for an Installment Agreement to pay the remaining balance. Entering into an Installment Agreement may reduce future failure to pay penalties. Resource: https://www.irs.gov/ Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/ebooks Having your own business should be fun. Instead of spending a lot of time and money on jobs you can outsource, why not entrust the technical aspects of your business to someone professional and competent? WYCOTAX  make your business easier by working on your taxes, payroll, and bookkeeping needs. Call us TODAY! Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

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How does Expanded Family Leave Act Helps Small and Midsize Businesses

Welcome to Tax No Tuesday!!

The Families First Coronavirus Response Act (the "FFCRA"), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.

The FFCRA gives businesses with fewer than 500 employees (referred to throughout these FAQs as "Eligible Employers") funds to provide employees with paid sick and family and medical leave for reasons related to COVID-19, either for the employee's own health needs or to care for family members.

Resource: https://www.irs.gov/

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FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any.

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What is COVID-19-Related Tax Credits

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Employers who have received a PPP loan may defer deposit and payment of the employer's share of Social Security tax that otherwise would be required to be made beginning on March 27, 2020, through the date the lender issues a decision to forgive the loan in accordance with paragraph (g) of section 1106 of the CARES Act, without incurring failure to deposit and failure to pay penalties.

Resource: https://www.irs.gov/

Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX

FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any.

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Should I Defer Social Security Taxes

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Employers who have received a PPP loan may defer deposit and payment of the employer's share of Social Security tax that otherwise would be required to be made beginning on March 27, 2020, through the date the lender issues a decision to forgive the loan in accordance with paragraph (g) of section 1106 of the CARES Act, without incurring failure to deposit and failure to pay penalties.

Resource: https://www.irs.gov/

Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX

FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

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How is Employee Retention Tax Credit Calculated?

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.

As a general rule, the employee retention credit (Credit) is a refundable credit that is equal to 50 percent of the “qualified wages” of each employee of an “eligible employer.

Resource: https://www.irs.gov/

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Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution. Tax Information Here.

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4 IRS Emergency Funds for Your Payroll

The payroll tax provisions in each piece of legislation include:

1. Employee retention credit: The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.

2. Payroll tax deferrals: Section 2302 of the CARES Act provides that employers may defer the deposit and payment of the employer's portion of Social Security taxes and certain railroad retirement taxes.

3. Payroll credit for sick leave: Two weeks (up to 80 hours) of paid sick leave at the employee's regular rate of pay where the employee is unable to work because the employee is quarantined.

4. Payroll credit for family leave: The FFCRA provides businesses with tax credits to cover certain costs of providing employees with required paid sick leave and expanded family and medical leave for reasons related to COVID-19, from April 1, 2020, through December 31, 2020.

Resource: https://www.irs.gov/

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FREE Tax, Payroll & Bookkeeping CHECKLISTS: Visit Website

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsoure tax, payroll and bookkeeping company and not associated with any aforementioned institution.

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Did You Know This Secret Tax Credit

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.

Resource: https://www.irs.gov/

Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX

FREE Tax, Payroll & Bookkeeping CHECKLISTS: https://wycotax.com/

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.

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One Major Problem of Paycheck Protection Program Forgiveness

IRS Notice 2020-32, issued on April 30, 2020, denies deductions for otherwise deductible expenses of businesses that received qualifying business loans under the Paycheck Protection Program (PPP loans) to the extent that such loans are later forgiven as permitted under certain circumstances pursuant to the program. 

resource: https://www.irs.gov/

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Free COVID-19 Relief Summary PDF Download: https://wycotax.com/ebooks/

Outsourcing your tax, payroll, bookkeeping and COVID-19 relief to WYCOTAX will give you more time and financial freedom. It helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business. Moreover, you will find more time to provide value for your clients. The more satisfied clients you have, the more referrals they will generate. Outsource TODAY!

Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is a profit company and not associated with any aforementioned institution.

More details here: Income tax return tips