Did You Know There Are 5 Filing Statuses for Federal Tax Returns? Your status for filing a federal tax return generally depends on your marital status as of December 31. However, more than one filing status may apply in certain… Read more »
Read Full Newsletter »collectible coins, cost-of-living adjustment, deductible, educators, filing statuses, IRA, out-of-pocket expenses
The credit for increasing research activities, commonly referred to as the research and development (R&D) credit, is one of the biggest and best tax breaks available to manufacturing companies. Unlike a deduction, a credit is a dollar-for-dollar reduction of a business’s… Read more »
Read Full Newsletter »common misconceptions, how to qualify, manufacturers, manufacturing, R&D, tax credit
While stock values have mostly gone up so far this year, bull markets don’t last forever. And the price of a particular stock can fluctuate up or down, independent from the market’s overall trend line. When you make what turns out… Read more »
Read Full Newsletter »According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than they experienced before. So if… Read more »
Read Full Newsletter »Parents of College Age Children May Qualify for a Tax Credit For purposes of the Child Tax Credit for the 2021 tax year, a qualifying child is one who doesn’t turn 18 before January 1, 2022, and who satisfies certain… Read more »
Read Full Newsletter »Check Withholding for the Year, College Age Children Qualify for a Tax Credit, Delinquent Taxpayers Contend with Liens and Levies, IRS Uses to Audit Taxpayers, Social Security Taxes and Benefits for 2022
For some people, it’s easier to think about one’s eventual demise than to consider the possibility of needing the kind of personal assistance that long-term care (LTC) aides and facilities provide. Even so, ignoring the possibility of needing that care… Read more »
Read Full Newsletter »Cost of LTC Insurance, Long Term Care Basics, Medicare does not cover LTC, Rising Premiums
In today’s tight labor market, your organization may be searching for new and innovative ways to attract and retain employees. But one of the best benefits is hiding in plain sight: Group-term life insurance. It has been offered by employers to… Read more »
Read Full Newsletter »Benefit, Carve-out plans, Group-Term Life Insurance, Tax Advantages
The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject… Read more »
Read Full Newsletter »Family Leave Tax Credits, Protect Financial Health, Self-employment income, Work Opportunity Tax Credit, WOTC
If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES Act, which was signed into law on March 27, 2020…. Read more »
Read Full Newsletter »CVD Retirement Plan, Eligible Distribution as CVD, Handling Recontributions, Inherited Accounts, Interim Tax Consequences, Recontribute CVD
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting… Read more »
Read Full Newsletter »Forgiveness Application Deadline, How to maximize your PPP loan forgiveness for payroll expenses, PPP Audit Exposure, PPP Loans
Advance child tax credit (CTC) payment recipients can still opt out even if they start receiving payments. The IRS began sending out payments or depositing them in bank accounts on July 15. The IRS announced that families can use its Child… Read more »
Read Full Newsletter »The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled adult children or seniors from long-term care centers to their… Read more »
Read Full Newsletter »Tax-favored Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too. However, the… Read more »
Read Full Newsletter »If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event,… Read more »
Read Full Newsletter »You’ve worked a lifetime to build your wealth and understandably want to pass much of it on to your loved ones. Estate plans are designed to help you do that in the most tax-efficient way possible. But first, to ensure you… Read more »
Read Full Newsletter »Company president is assessed a penalty. If an employer withholds taxes from employees but doesn’t pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax and can be… Read more »
Read Full Newsletter »Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this… Read more »
Read Full Newsletter »Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal… Read more »
Read Full Newsletter »Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle must be new and have battery capacity of at… Read more »
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