NORTHSIDE TAX SERVICE

Your Dedicated Expert in Tax preparation, Tax Resolution, Bookkeeping, Payroll Services, & Bill-Pay Financial Services

We are helping businesses just like yours run more smoothly & stay in-the-know with Professional Bookkeeping.

How can you help me?

What is a CFO?

Include information on CFO services, tax preperation and problem resolution and a definition of a CFO (universal desc of responsibilities)

Is a CFO right for me?

Include info on personal finance pain points and how a CFO can help. Include intrinsic and extrinsic tangible outcomes

Does my business need a CFO?

Bill Pay, payroll, bookkeeping & Accounting, Corporation LLC Setup.

Can you help me with Personal Finance Planning?

Billpay, Social Security & Medicare Enrollment, Notary Services, Long-term financial planning.

About Shawn Wesley

OWNER-OPERATOR

Shawn Wesley took over operations of Northside Tax Service in October of 2004.

Shawn helps clients with a wide variety of services. He offers income tax preparation and planning services. He also offers small business bookkeeping and payroll services. In addition to these, he also offers help with IRS audits and dispute resolution. He is an active member of American Society of Tax Problem Solvers (ASTPS).

Prior to taking over Northside Tax Service, Shawn worked several years in the manufacturing field. He did everything from production floor operations to project and manufacturing engineering. He also has an extensive background in real estate and finance.

Shawn Wesley is an Enrolled Agent, enrolled to represent taxpayers before the Internal Revenue Service. He is an active member of the Florida Society of Enrolled Agents. He also holds a series 2-15 insurance license in the State of Florida. He is licensed to help clients with their insurance and investment needs.

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WORD OF MOUTH

Northside Tax Service, Inc. had our tax return done very quickly! Not only are they fast, but they are friendly! Excellent service!

Kendall Spear

Shawn is FANTASTIC! We have sought his services for the last few years and found a real PRO. He’s our tax service for life! Thank’s Shawn!

Don Cone

This is the most wonderful team ever! Easy to work with, super nice and just made our complicated situation so much more navigable! You won’t find a better service. A+++

Greylynne Gilbert

Refunds for the Unemployment Benefits

IRS will begin issuing refunds for the unemployment benefits break in May. Last month’s stimulus law provides that up to $10,200 of unemployment benefits received in 2020 are nontaxable for taxpayers with AGIs of less than $150,000. In general, individuals who filed...

New Online Tool in the Making

Fully delivering periodic child credit payments will be a difficult task for IRS, not in the least part because of its out-of-date computer systems, shrunken workforce, tax changes, and its many other duties. The law requires IRS to develop an online tool for families...

RMDs Waived?

Will RMDs be waived for 2021? No. The CARES Act halted required minimum distributions from IRAs and 401(k)s for 2020. An extension of the waiver wasn’t included in the latest stimulus law. People age 72 and older must take RMDs for 2021 by year end, with two...

Feeling Charitable?

Voluntarily pay down the federal debt and get an income tax deduction. If you’re feeling charitable and want to help reduce the spiraling federal debt, Uncle Sam will say thank you. These payments qualify as charitable contributions. Deduct contributions on Schedule A...

IRAs and Roth IRAs

There is no age limit on making contributions to traditional IRAs or Roth IRAs. Prior to 2020, individuals could not make IRA contributions once they turned 70½. The SECURE Act, passed by Congress in 2019, repealed this rule for 2020 and later. For 2020, you can...

Insurance for the Uninsured

The Biden administration is giving the uninsured a bit of a reprieve. It reopened the federal exchange for them to buy health coverage for 2021. The special enrollment period runs from Feb. 15 to May 15. Go to healthcare.gov to get started and to review your insurance...

Foreign Accounts

U.S. persons needn’t report foreign accounts holding only virtual currency. But this will be changing. The Financial Crimes Enforcement Network says it plans to amend its rules to include virtual currency as reportable accounts. But any pending regulations won’t apply...

Tax Deferral

Schedule SE has been revised to allow for deferral of self-employment taxes. Self-employeds can defer a portion of their SECA tax on earnings from self-employment from March 27 to Dec. 31, 2020, with half of the deferred amount due Dec. 31, 2021, and the rest on Dec....

Education and Savings Bonds

2021 income caps are higher for tax-free EE and I bonds used for education. The exclusion starts phasing out above $124,800 of modified AGI for couples and $83,200 for others. It ends at modified AGI of $154,800 and $98,200,...

Damages that are Nontaxable

Damages received by a spouse for loss of companionship are nontaxable, IRS privately rules. A woman’s husband suffered serious permanent injuries when he was struck by a car. The couple sued the driver’s employer, and a court awarded damages to the wife for past and...

Savings Bonds for Education

Interest on EE and I bonds used to pay for higher education may be tax-free,provided certain rules are followed. The bonds must have been purchased after 1989 by people who were at least age 24 in the month before buying the bonds. The bonds must be redeemed to pay...

Savings Bonds

Millions of Americans own U.S. savings bonds. They are a safe and generally tax-efficient investment. Let’s discuss some of the federal tax rules… With a primary focus on EE and I bonds. Interest on the bonds is generally tax-deferred. The interest is reported as...

Bad News Regarding PPP Loans

More bad news from IRS for firms that took out paycheck protection loans. In May, the agency issued public guidance saying that small businesses that have their Paycheck Protection Program loans forgiven cannot deduct expenses that result in forgiveness of the loan....

E-File 2019 Amended Return

IRS is accepting electronically filed amended returns for the 2019 tax year.Individuals can use tax software to e-file Form 1040-X to amend a 2019 1040or 1040-SR that was filed electronically. If the original 2019 return was filed on paper, then you must use paper...

Unpaid Estate Taxes

The Service can go after an executor and heir for unpaid estate taxes. A woman died, leaving her estate to her brother, who was also the executor. He transferred all the estate’s property to himself, even though he knew the estate owed estate tax to IRS. Under federal...

Back Taxes

IRS is hitting pause on sending out many balance-due notices, in response to criticism from law makers. IRS will stop mailing out second notices to taxpayers with outstanding tax debt. It is taking this step to avoid confusion for taxpayers who responded IRS's first...

Social Security

Social Security Recipients get a 1.3% increase in their benefits in 2021. The earnings test limits head up. Individuals who turn 66 next year will not lose any benefits if they earn $50,520 or less before they reach that age. Individuals who are 62 through 65 by the...

Tax Forms

The 2020 form 1040 will look a little different than the 2019 version, based on a draft released by the IRS. The return will have two new line items, one for the above-the-line deduction for cash charitable contributions of $300 or less by non itemizers. The other...

IRAs & Plans

Good news for owners of traditional IRAs who turn age 27 this year. You needn't take your first required minimum distribution. The CARES Act waives RMDs for 2020 from traditional IRAs, 401 (k)s and many other retirement plans. If you turn 72 in 2020, your first RMD,...

Stimulus Checks

Good news for some individuals who haven't received their stimulus checks...Or were paid to little. IRS will be able to correct amounts in certain cases. It is creating processes to help some people who were due an economic impact payment but never got it or received...