by Admin | Mar 31, 2021 | Business Taxes
Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased and placed in service...
by Admin | Feb 23, 2021 | Business Taxes, Individual Taxes
March 10 – Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10.Your employer is required to withhold FICA...
by Admin | Feb 18, 2021 | Business Taxes, COVID-19
In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations...
by Admin | Feb 17, 2021 | Business Taxes, COVID-19
The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to...
by Admin | Feb 2, 2021 | Business Taxes, Individual Taxes
February 1 – File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment:If you file your prior year’s individual income tax return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment that...
by Admin | Jan 27, 2021 | Business Taxes, Entrepreneurial
As if 2020 wasn’t challenging enough, tax-filing this 2020 tax season is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free...
