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If you’re looking to address rising tax problems during COVID-19, you are not alone. COVID-19 has caused the death of over 300,000 people. And there have been nearly 19 million reported cases in the United States. Consequently, COVID-19 has touched nearly every aspect of the lives of people worldwide. This is to say nothing about creating …
Stimulus checks are just a small part of it the new COVID relief law. To sum up, this includes more unemployment help, EIDL loans, PPP, Employee Retention Credit, EIC, CTC, Eviction moratorium, and much more. After several months of not being able to agree on additional COVID-related tax relief, Congress finally finalized the much-needed legislation. …
The saver’s credit helps eligible taxpayers offset the cost of saving for retirement. Now, low and moderate income workers can take steps to save for retirement and earn a special tax credit. What is the saver’s credit? The saver’s credit is a tax credit worth up to $1000 ($2,000 if married filing jointly). The saver’s …
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.
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 …
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 …
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 …
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 …
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, …
