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Covid-Related Tax Relief Act of 2020

Posted on January 2nd, 2021

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020. Read More…

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Tax Preparation vs. Tax Planning

Posted on November 6th, 2020

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: Read More…

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Health Coverage Terms Employers Should Know

Posted on October 4th, 2020

Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees. Read More…

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Taking Early Withdrawals From Retirement Accounts

Posted on October 2nd, 2020

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Read More…

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Avoid Refund Delays by Renewing Expiring ITINs Now

Posted on October 2nd, 2020

People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed as soon as possible to avoid unnecessary delays related to tax refunds next year. Read More…

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tax tips for farming income and expenses

10 Things About Reporting Farm Income and Expenses

Posted on July 2nd, 2020

Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you’re in the farming business or are thinking about it, here are ten things you should know about farm income and expenses. Read More…

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pass on wealth to heirs

Pass on Wealth to Heirs Using These Strategies

Posted on June 3rd, 2020

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low-interest rates and a volatile stock market are creating additional opportunities. Let’s take a look at some of the strategies available: Read More…

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Flexibility for Taxpayer Elections in Cafeteria Plans

Posted on June 3rd, 2020

Temporary changes to Section 125 cafeteria plans due to the coronavirus pandemic allow flexibility for taxpayers participating in cafeteria plans. These changes include extending the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. Read More…

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preparing an effective business plan

How to Prepare an Effective Business Plan

Posted on June 2nd, 2020

A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to gain a thorough understanding of how resources (financial and human) will be used to carry out that vision and goals. Read More…

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Ready to File? This Tax Records Checklist Will Help

Posted on May 4th, 2020

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

Here are some of the documents taxpayers need to have on hand: Read More…

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Tax Breaks Help Small and Medium-sized Employers

Posted on April 3rd, 2020

Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law on March 18, 2020.

Subsequent legislation, the CARES Act, includes a provision that delays payment of employer payroll taxes due in 2020 with half due December 31, 2021 and the rest due December 31, 2022.These same dates and amounts apply to tax owed by self-employed individuals as well with 50 percent due December 31, 2021 and the remaining amount not due until December 31, 2022.

Read More…

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Figuring out Your Correct Tax Filing Status | 5 Options

Posted on February 4th, 2020

Your filing status determines which tax forms you need to file, the amount of your standard deduction, eligibility for certain tax credits, and how much tax you owe. In some cases, it may even impact whether you need to file a federal income tax return. Read More…

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Tax Filing Season Begins | New Form 1040

Posted on February 1st, 2020

January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Read More…

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Important 2020 Tax Changes for Individuals and Businesses

Posted on January 6th, 2020

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Read More…

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What’s New for the 2020 Tax Filing Season

Posted on January 5th, 2020

While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of. Read More…

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