10 TIPS FOR BETTER BUDGETING
If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to …
IS THE TEMPORARY DEFERRAL OF EMPLOYEE PAYROLL TAX WORTH IT?
Article Highlights Withholding of Social Security Tax Deferred IRS Guidance Employer Responsibility Unresolved Issues President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ …
SEPTEMBER 2020 INDIVIDUAL DUE DATES
September 1 – 2020 Fall and 2021 Tax Planning Contact this office to schedule a consultation appointment. September 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, …
WEALTH TRANSITION AND SUCCESSION PLANNING: BEST PRACTICES FOR BUSINESSES DURING COVID-19
Regardless of the type of business you’re running, it’s safe to say that you’ve likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have …
MISSING OUT ON THE EARNED INCOME TAX CREDIT?
Article Highlights: Earned Income Tax Credit Refundable Tax Credit Qualifications Special Rule for Military The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,660 in 2020, up from $6,557 in 2019, …
WHAT YOU NEED TO KNOW ABOUT HEALTH SAVINGS ACCOUNTS
Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA Qualified Medical Expenses The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the …
HOW TO PROTECT YOURSELF AGAINST CORONAVIRUS-RELATED FRAUD
The global coronavirus pandemic has changed every single facet of our world – from the way we work to how we live our day-to-day lives – and we have been forced to quickly adjust to a new normal. Unfortunately, there are those …
WHAT LED TO CONGRESS EXTENDING THE PAYCHECK PROTECTION PROGRAM?
The economic uncertainty created in the outset of the Coronavirus pandemic was unprecedented, to say the least. This is a big part of the reason why, soon after the spread began, Congress took steps that were equally drastic – they passed the …
EMPLOYERS, DON’T MISS OUT ON THE WORK OPPORTUNITY CREDIT
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a …
WEALTHY TAXPAYERS MAY WANT TO STRATEGIZE FOR POTENTIAL TAX INCREASES
Article Highlights: Skyrocketing Government Spending Federal and State Deficits Tax Increases in Our Future Tax Strategies The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as …
