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“How can I start writing off business start up expenses”? It’s one of the most common questions new business owners ask their tax advisors, and with good reason. While many small firms have gone out of business since the pandemic started, the tide is finally changing. With the help of vaccines, new businesses will be …
How To Begin Writing Off Business Start Up ExpensesRead More
2020 tax filing deadlines are right around the corner! A reminder for those who have not yet filed their federal tax return that now is the time! May 17, 2021 is the new due date to file your return and pay any taxes owed. Or you must file for the automatic extension and pay the …
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance for lower-income taxpayers, to stimulate employment, and to stimulate certain investments, among other things. Tax …
The IRS announced they are extending the tax return filing date for 2020 individual tax returns from April 15, 2021, to May 17, 2021. This was meant to be a one-month extension, but since May 15 fell on Saturday it was extended to the next business day which is May 17, 2021. This extension only applies to individual 1040 and …
Watch the video for some possible solutions when you can’t pay back the debt to the IRS in time
Video Tip: Solutions To Consider When You Owe Tax DebtRead More
If you haven’t heard, the Child Care Tax Credit was extended through 2021. Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and dependent care tax credit has been substantially increased. Details …
Great News, Child Care Tax Credit Extended For 2021Read More
An increase in child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package will provide lower-income parents with substantial financial assistance and supports various other efforts to stimulate the economy. It’s known as the American Rescue Plan Act, and was passed by …
Are unemployment benefits taxable? As with many tax questions, the answer is “It depends”. With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the state’s weekly unemployment benefits. They added $600 per week to unemployment benefits through the end of July 2020. When this provision ran out, …
Another round of stimulus payments approved by congress? It’s true. The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began disrupting the economy at …
It’s Official! Another Round Of Stimulus Payments Approved By CongressRead More
