Senate Passes $3,000 Child Tax Credit for 2021
An expanded child tax credit for 2021 is about to become law. After some procedural wrangling, the Senate narrowly approved President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. Because the Senate made some changes to the …
DON’T MISS THE OPPORTUNITY FOR A SPOUSAL IRA
Article Highlights: Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, …
HOW DO YOU CREATE PRICE LEVELS IN QUICKBOOKS?
You already know that when you create a product or service record in QuickBooks, you must assign a sale price to it. But did you know that QuickBooks gives you a great deal of flexibility when to comes to pricing items you …
DON’T MISS OUT ON YEAR-END TAX-PLANNING OPPORTUNITIES
Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance Penalties Dealing with Disaster Losses in 2020 Retroactive Kiddie Tax Rules – Amended Opportunity …
12 FINANCIAL METRICS SMALL BUSINESS OWNERS SHOULD TRACK
Operating a small business is an exhilarating and, at times, overwhelming endeavor. There are so many details to keep track of that it’s easy to forget about the nuts and bolts of your organization’s finances – especially if you didn’t start out …
ARE YOU KEEPING TRACK OF YOUR INVESTMENT BASIS?
Article Highlights: What is Basis? Cost Basis Gift Basis Inherited Basis Events that Adjust Basis First In, First Out In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may own real property or have …
THERE IS MORE TO DEDUCTING HEALTH INSURANCE THAN MEETS THE EYE
Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that …
THE SBA ISSUES A SIMPLIFIED PPP LOAN-FORGIVENESS APPLICATION
Article Highlights: Paycheck Protection Program Loans Forgiveness Application The Small Business Administration (SBA) The Paycheck Protection Program Flexibility Act SBA Forgiveness Form 3508 SBA Forgiveness Form 3508EZ SBA Forgiveness Form 3508S If you are the owner of a small business that obtained …
VIDEO: TAX CONSEQUENCES OF LOSING YOUR JOB
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues. …
GAMBLING AND TAX GOTCHAS
Article Highlights: Winnings Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and …
