Relocating? How to Do It with Taxes in Mind
Now that you’re working remotely, are you considering moving to a state with no state income tax? Before you do, do your homework.
The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19
Do you have a balance due with the IRS? It’s time to pay up. The IRS is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.”
2021: The Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers
The American Rescue Plan Act included several tax benefits that will impact families with children and lower-income taxpayers during 2021, including increased childcare benefits, an increased child tax credit, as well as advanced monthly payments for some.
During Your Summer Travel, Don’t Forget to Visit Your CPA
Despite the IRS pushing back the 2020 tax return deadline to May 17 this year, many taxpayers still filed for an automatic extension until October 15. Reasons for an extension vary and include needing extra time with your CPA to thoroughly review your options and strategies, time to gather K-1s or corrected 1099 forms, or…
Considerations When Making Gifts to Children
Children love getting gifts, but if you’re planning on gifting a ton of cash, there are some tax issues to consider.
Did You File Before Congress Passed the Unemployment Tax Exclusion? Here is How the IRS is Handling the Situation
Did you pay taxes on your unemployment benefits you received during the pandemic? Normally, unemployment insurance benefits are fully taxable for federal purposes. As part of the American Rescue Plan Act, Congress decided that each individual who received unemployment benefits could exclude the first $10,200 of those benefits from taxation if their modified AGI was less than $150,000. The IRS will be adjusting your tax return.
3 Reasons to Keep Your Personal and Business Finances Separate
The more your business and personal outlays become entwined, the harder it is to manage your company’s cash flow, payroll, and taxes. We explore three key reasons to draw a clear line between your business and personal finances.
Made a Mistake on Your Tax Return – What Happens Now?
Tax return mistakes are a lot more common than you probably realize. If you’ve just discovered that you’ve made a significant mistake on your tax return, the first thing you should do is take a deep breath, and then call us!
Enhanced Child Tax Credit for 2021
The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, if you have qualifying children under the age of 18.
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP)—his wish list of changes; however, Congress will need to draft legislation that will have to pass in both houses before becoming law.