Video: COVID Tax Relief Act Is Coming
After months of political bickering, Congress is finally passing a new COVID Tax Relief Act. Watch this video for a summary of what you can expect from this tax relief package.
Help is on The Way – Emergency Coronavirus Relief Agreement Reached
After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill. Although not all the details are fully available yet, the following provides a good overview of the provisions affecting individual taxpayers and small businesses. Emergency coronavirus relief provisions Stimulus Payments Eligible adults will receive a $600 stimulus payment. This …
Tax Issues to Be Aware of as Year-End Approaches
It seems hard to believe, but the end of the tax year will soon be here and with that, comes tax issues to be aware of. Now is a great time to review year-end tax issues that might reduce your tax bite for 2020. Other options may provide long-term tax benefits, especially in light of …
Video: Don’t Fall Behind Saving For Retirement
You don’t want to fall behind when saving for retirement. And right now, many people are choosing not to add to their retirement savings. Or simply planning for their Social Security income to take care of their needs. To encourage better preparation for retirement, tax laws offer a variety of incentives to help. Watch this …
Your Annual Reminder to File Worker Form 1099-NEC
This is our annual reminder that if you use workers other than employees to perform services for your business (and those services equal more than $600 for the year) be sure to file worker 1099-NEC for them. You are required to issue each worker a Form 1099-NEC. This is for you to avoid facing the …
Year-End Gift Giving with Tax Benefits
The holiday season is customarily a time of giving gifts. Whether to your favorite charity, family members or others – there are lots of opportunities for gift giving with tax benefits. Use caution. During the holiday season, you may receive unsolicited phone calls, emails, or other social media requests for donations for various causes. Sadly, …
Do You Know When Your Holiday Employee Gifts Are Taxable?
It is common practice this time of year for employers to give their employee gifts to staff. The question is then – what makes a gift taxable? Some gifts are a de minimis fringe benefit. There are two main factors that determine the taxable status of a gift: the gift is infrequently offered or that …
Inheritance Taxes Explained – IRS Releases Inflation Adjustments For 2021
Inheritance Taxes – how are they taxed anyway? This is a frequently misunderstood taxation issue, and the answer can be complicated. This article will help you understand more about inheritance taxes, how they work and how they are taxed. When someone passes away, all of their assets (their estate) will be subject to estate taxation. …
Don’t Miss the Opportunity for a Spousal IRA
One frequently overlooked tax benefit is the spousal IRA. Generally, only taxpayers who have compensation can contribute to an IRA. The term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment. Spousal IRAs are the exception to that rule as long as the spouse has adequate compensation. A …