AIM Tax Services
Why a Payroll Service Is Important for New and Existing Businesses
Running a business comes with countless responsibilities, and payroll is one task that should never be overlooked. Whether you are launching a new company or managing an established business, paying employees accurately and on time is essential. A professional payroll service can help simplify the process, reduce errors, and give business owners more time to…
Read MoreIRS simplifies penalty relief by introducing automatic process
A new automatic process provides penalty relief for clients with a history of filing and paying on time reduces the need for tax professionals to request penalty abatement. The new Automatic Exemption from Penalty (AEP) will replace the long-standing First Time Abate administrative relief. AEP is a systemic administrative relief program expected to begin this…
Read MoreIdentity Protection PINs help taxpayers guard against tax-related identity theft
One of the best ways taxpayers can protect themselves from identity theft is by requesting an Identity Protection Personal Identification Number. What taxpayers should know about an IP PIN · Anyone with a Social Security number or an Individual Taxpayer Identification Number can request a free IP PIN, including taxpayers living abroad. · It’s a…
Read MoreUnderstanding Fringe Benefits vs. Guaranteed Payments for Partners
For partners in a partnership, LLC taxed as a partnership, or similar pass-through business, compensation and benefits can be more complicated than they appear. Two concepts that are often confused are fringe benefits and guaranteed payments. Although both can provide economic benefits to a partner, they are treated differently for tax purposes and serve different purposes within the…
Read MoreUnderstanding Required Minimum Distributions (RMDs): What You Need to Know and When to Take Them
As you approach retirement, understanding the rules surrounding Required Minimum Distributions (RMDs) is an important part of retirement and tax planning. RMDs are the minimum amounts that the IRS generally requires you to withdraw each year from certain retirement accounts once you reach the applicable age. Failing to take an RMD on time can result in a significant tax penalty, while taking…
Read MoreWhat’s the Difference Between a Form W-2 and Forms 1099-MISC or 1099-NEC?
Tax season can be confusing, especially when you receive different tax forms. Three of the most common are Form W-2, Form 1099-MISC, and Form 1099-NEC. While they all report income to the IRS, they serve different purposes and apply to different types of workers. A Form W-2 is issued to employees by their employers. It reports annual…
Read MoreHow to Get a Transcript or Copy of Your Form W-2 From the IRS
If you’ve misplaced your Form W-2, don’t panic. Whether you’re filing a tax return, applying for a loan, or verifying your income, the Internal Revenue Service (IRS) offers ways to obtain your wage and tax information. The first option is to request a Wage and Income Transcript from the IRS. This transcript contains data reported by your…
Read MoreChoosing Between a Roth IRA and a Traditional IRA
Choosing Between a Roth IRA and a Traditional IRA Choosing between a Roth IRA and a Traditional IRA is one of the most important retirement planning decisions you can make. Both accounts offer valuable tax advantages, but the right choice depends on your current income, future tax expectations, and long-term financial goals. A Traditional IRA…
Read MoreTax Season Is Almost Over: Last-Minute Tips to Maximize Your Refund
As tax season quickly comes to a close, many individuals and families are making their final push to file before the deadline. Whether you’ve already started or are just getting to it, there’s still time to make smart moves that could help you maximize your tax return. At AIM Tax & Mortgage, we want to…
Read MoreWhat Happens If You File Your Taxes Late and How to Fix It
For Individuals and Small Business Owners Life happens. Financial stress, missing paperwork, or the demands of running a business can cause individuals and small business owners to miss the tax filing deadline. The good news is that filing late is common—and it is fixable. Below is what you need to know if you missed the…
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