Taxes

Article Highlights: Changing Filing Status Liability Community Property States Social Security Benefits Capital Loss Limitations Sec 179 Business Expensing Election Rental Loss Limitation Traditional IRA Contributions Roth IRA Contributions Education Credits Series EE or I Bonds Higher Education Interest Standard Deduction Medicare Premiums Allocating Home

Article Highlights: Single Married Filing Jointly Surviving Spouse Married to a Nonresident Alien Head of Household Married Filing Separate   Filing status is determined on the last day of the year and most often is based on marital status. The two most prevalent are as

Here are five things that happened this past month that affect your small business. 1) President Biden announced tax credits for COVID-19 vaccination paid time off. The President announced on April 21st “tax credits for certain businesses that pay employees who take time off to

Article Highlights: Restaurant Revitalization Fund Eligible Entities Application Good-Faith Certification Tax Issues Covered Period Available Funding Priority in Awarding Grants Determination of Grant Amount Use of Funds Applying for a Grant The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding

Your QuickBooks company file is gold. Keep it safe from fraud and intrusions. After the unprecedented year we’ve just experienced, the last thing you need is to have your accounting data compromised or stolen. It would be impossible to reconstruct your QuickBooks file from scratch,

Article Highlights: The refund statute expires on May 17, 2021 for unfiled 2017 returns. Unfiled returns will lose out on refundable credits. Refunds may be offset by unpaid child support, past due student loans, and back taxes. If you have not yet filed your 2017

Originally, selling stocks identified as having Qualified Small Business status was viewed as offering marginal benefit. But the last several years have seen incremental changes to how gains from the sales of these stocks have been treated. As of the most recent shift, which created

Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing? The IRS encourages

The average American taxpayer is not aware that people who officially qualify as running a trading business receive special tax treatment. Their income comes from the profit they make by trading options, equities and other asset classes, and is viewed as “investment” income. Investment income

May 2021 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later