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“[Living healthy] starts with taking the changes you want and making them things beyond want, beyond desire, to making them a must, something that must happen and it must happen now and there’s no question about it in your life.”

–Tony Robbins

Around the globe people are preparing and facing a very uncertain period of time. The Coronavirus is affecting everything from our health and wellness, to our daily lifestyle and financial security. In the recent weeks, the news and response regarding the Coronavirus has escalated. While the full implications are still unknown, there do appear to be some positive implications given the Government’s response. 

Although this has had a major impact on the stock market and has caused much certainty, with this also comes great opportunities. It is important to be aware of the financial implications and how this is affecting tax season.

For example, we’ve seen many company’s capitalizing on opportunities from Coronavirus related contracts, and other services that help people with working remote. Many corporations have seized travel and have employees working from home until further notice, New York in particular. 

Financial institutions are aware there will be some losses, however with a strong mental state and an appropriate response, we can massively lessen the damage. This week, the government has signaled billions of dollars in loans (potentially interest free) for businesses that have been negatively affected by coronavirus. ERPS Group will be providing consulting services to help businesses apply for these loans, decide what to spend their money on, and create repayment plan. There may also be direct cash support, we will all know more about this soon.

With regards to taxes, there will be a reduction in payroll tax for someone that is sick up. It has been passed by the House that this will be up to $2,000 per sick employee, we are waiting to this to be passed by the Senate. There may be further payroll tax reductions, holidays, and there have even been signals for permanently removing the payroll tax. In any case, this will require proper planning. As of now, there have been no official change to the Tax Deadlines, however there may be a delay in the filing and or payment of taxes for the 2019 year.

At ERPS Group, we are here to keep you updated as we continue through this together. If you have any questions or want to learn more about the current situation at hand. Contact us today at (347) 462-2778 and you can set up a time to speak with one of our financial experts. 

ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

“If you don’t know exactly where you’re going, how will you know when you get there?”

Experienced financial planners are famous for saying, “It’s never too soon to plan for tax season.” The truth is, research shows that the earlier you begin planning and preparing your tax documents, the better your results will be. And, accountants recommend to continuously review your retirement plan, ensure you are covered with the right type of insurance, and keep track of any possible deductions ahead of time. This financial planning strategy will make a key difference, as it will save you much more time and money in the long-term!

Now, if you have a financial planner, they will fill you in on the various types of possible deductions available. However, if you are filing in 2020 without support, there are various rules and regulations to become aware of. It is crucial to learn about these options ahead of time, to find out if you will be eligible. 

It’s not a secret that tax planning in advance will set you up for success. If you begin to organize your financial documents, receipts and keep track of your overall spending, you may find that you could be eligible to pay less in taxes. The best reason to begin planning ahead is to be able to create the future you are striving for.

Even so, most people wait for the last minute and find tax season to be a daunting time. Having an expert financial planner or accountant on your side like those at ERPS Group, will provide peace of mind and ensure you are set up for success throughout the entire process. 

Want to learn more about how you can save money annually this tax season? ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Interested in learning more? Contact us today at (347) 462-2778.

“The path to success is to take massive, determined action.”

-Tony Robbins

Tax season is right around the corner and now is the perfect time to begin taking massive action. Even though the next filing date is April 15th 2020, preparing documents and gathering information as soon as possible is always highly recommended by financial experts. However, to best prepare, it is important to set up meetings with an accountant or a financial planner way before then. 

The process of preparing for tax season is known to be a daunting task for many, that is why having a financial advisor can be of great support. Although, even if someone helps you to prepare your taxes, you’ll need to gather some important details ahead of time. That is why the earlier you begin, the better off you’ll be! Knowing what you need to do to better prepare for tax season will save time and money and provide you with peace of mind too. 

ERPS Group provides personal accounting and financial planning services for individuals and businesses. Their team recommends you become aware of the following steps to achieve financial freedom and have a successful 2020 tax season:

  • Gather last year’s tax return details and all paperwork for this year’s taxes. Keep in mind, this will include any receipts, bank statements, any proof of expenses and income, paperwork for any dependents you have and any other financial documents you want to discuss. 
  • Make a note of any deductions you may have. This might include but is not limited to the following: retirement contributions, job-related expenses, childcare expenses, student loan interest, insurance payments, medical expenses, charitable donations, real estate, credit card statements and receipts.
  • Make an appointment with an accountant or a financial planner, like those at ERPS Group to review your documents and help set you up for success. They will help you to become aware of any changes in tax laws and ensure you are filling all documentation out correctly and in your benefit.

Want to learn more about how you can save money annually this tax season? ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Interested in learning more? Contact us today at (347) 462-2778.

“Stay committed to your decisions, but stay flexible in your approach.” 

-Tony Robbins

Most people are familiar with the April 15th annual tax due date and make sure to prepare in advance. However, it’s important to be familiar with other deadlines too. Some people may be eligible for a tax extension and depending on each individual situation, tax due dates may vary. 

This is a great time to consult with a tax advisor, like those at ERPS Group. Depending on each unique circumstance, filing after the deadline can be subject to penalty. This is due to legal reasons. For example, if you file after the typical deadline, to the IRS it may show up as a failure-to-pay. So, depending on how many days “late” your payment is, you could inquire unnecessary fees. 

Now, if you are eligible for an extension and plan accordingly, you will have until October 15th to complete your tax return filing. This will provide an additional six full month to most taxpayers. Those that are able to have a tax extension will still need to pay any owed taxes or will still be subject to enquiring late payment charges.  

The federal government may grant an extension if requested. Reasons for an extension will vary from person to person. An explanation is not required when applying for a tax extension. Sometimes taking additional time can help you to feel better prepared and can save you more money in the long run! 

Want to learn more about how you can save money annually this tax season? ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

Interested in learning more? Contact us today at (347) 462-2778.