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

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...

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,...

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...

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...

Business Taxes

Businesses get final rules on meal and entertainment expense write-offs. The regulations closely mimic proposed guidance issued earlier this year. Although entertainment expenses are not deductible, IRS reiterated that food and drinks usually aren't entertainment....

Grandchildren working this summer?

Here is an idea to help a child or grandchild working this summer. You can contribute to a Roth IRA for him or her... up to $6,000 for 2020, but not more than the child is earning. If you decide to go down this path, you have until April 15, 2021, to make the...

Affordable Care Act

It's Official! The Trump administration wants the Affordable Care Act gone. It filed a legal document in the Supreme Court, agreeing with the states that claim the individual mandate requiring the uninsured to buy health coverage or pay a penalty tax is now invalid...

Payroll Tax Cut

President Trump has pleaded for an employee payroll tax cut for months. His executive action does not do that. Instead, it is a payroll tax deferral. The White House memo directs IRS to issue rules to defer the withholding, deposit and payment of a workers 6.2% share...

COVID-19 Retirement

More people qualify for a Covis-19 retirement-account-related easing. The 10% penalty on pre-age 59 1/2 payouts from retirement account is waived on up to $100,000 of coronavirus -related distributions in 2020 from 401(k)s, 403(b)s and IRAs. Federal income tax on...

Health Savings Account

People enrolled in Medicare can not contribute to a health savings account. But do not despair, if you have a balance remaining in an existing HSA. While on Medicare, you can continue to tax-free withdrawals from your account to pay out-of-pocket medical expenses,...

Stimulus Legislation Details

More cash donations to charity can be deducted for 2020 under the new law. The 60%- of- AGI limit on cash donations by individuals is suspended. Gifts to donor-advised funds and private non-operating foundations are excluded. The taxable income limit on charitable...

Foreign Accounts

Penalties for failing to report overseas accounts are stiff. $13,481 apiece for nonwillful violations, the larger of $134,806 or 50% of the highest balance in the account for willful failures. Be sure you comply with the reporting rules, because increasing taxpayer...

Coronavirus Paid-Leave

The coronavirus paid- leave package includes tax credits for many employers. The law requires firms with fewer then 500 workers to provide paid sick and family leave to employees who can not work because they or a family member is affected by COVID-19, or who need to...

10- Year Clean-out Rule

NOW there is a 10- year clean-out rule for many beneficiaries of inherited IRAs. The IRA funds must be distributed to them within 10 years of the owners death. This new clean-out rule doesn't mean that the payouts must be distributed evenly over a 10-year period. The...