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Home Sales: How to Determine Your "Basis"

April 21, 2021

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Home Sales: How to Determine Your “Basis”

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it...

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Simple Retirement Savings Options for your Small Business

April 19, 2021

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Simple Retirement Savings Options for your Small Business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved...

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Tax Advantages of Hiring your Child at your Small Business

April 14, 2021

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Tax Advantages of Hiring your Child at your Small Business

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business...

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Who Qualifies for "Head of Household" Tax Filing Status?

April 12, 2021

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Who Qualifies for “Head of Household” Tax Filing Status?

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of...

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How to Ensure Life Insurance isn't Part of your Taxable Estate

April 7, 2021

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How to Ensure Life Insurance isn’t Part of your Taxable Estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way,...

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Need a New Business Vehicle? Consider a Heavy SUV

April 5, 2021

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Need a New Business Vehicle? Consider a Heavy SUV

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from...

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Is and S Corporation the Best Choice of Entity for your Business

March 31, 2021

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Is an S Corporation the Best Choice of Entity for your Business?

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business...

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New Law Tax Break May Make Child Care Less Expensive

March 29, 2021

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New Law Tax Break May Make Child Care Less Expensive

The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer...

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New Law: Parents and Other Eligible Americans to Receive Direct Payments

March 24, 2021

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New Law: Parents and Other Eligible Americans to Receive Direct Payments

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic....

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Business Highlights in the New American Rescue Plan Act

March 22, 2021

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Business Highlights in the New American Rescue Plan Act

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several...

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Estimated Tax Payments: The Deadline for the first 2021 Installment is Coming Up

March 17, 2021

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Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if...

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Launching a Small Business? Here are some tax considerations

March 15, 2021

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Launching a Small Business? Here are some tax considerations

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole...

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Work Opportunity Tax Credit Extended through 2025

March 10, 2021

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Work Opportunity Tax Credit Extended Through 2025

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax...

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Retiring soon:? Recent Law Changes may have an Impact on your Retirement Savings

March 8, 2021

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Retiring soon? Recent Law Changes may have an Impact on your Retirement Savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be...

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Didn't contribute to an IRA last year? There is still may be time

March 3, 2021

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Didn’t contribute to an IRA last year? There still may be time

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you...

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If you run a business from home, you could qualify for a home office deductions

March 1, 2021

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If you run a business from home, you could qualify for home office deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain...

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Did you make donations in 2020? There's still time to get substantiation

February 24, 2021

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Did you make donations in 2020? There’s still time to get substantiation

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what...

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What are the Tax Implications of Buying or Selling a Business?

February 22, 2021

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What are the Tax Implications of Buying or Selling a Business?

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are...

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2021 Individual Taxes: Answers to your Questions about Limits

February 17, 2021

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2021 Individual Taxes: Answers to your Questions about Limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due...

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Many Tax Amounts Affecting Businesses have Increased for 2021

February 15, 2021

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Many tax amounts affecting businesses have increased for 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And...

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The Cents-per-Mile Rate for Business Miles Decreases again for 2021

February 10, 2021

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The Cents-per-Mile Rate for Business Miles Decreases again for 2021

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56...

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The Power of the Tax Credit for Buying an Electric Vehicle

February 8, 2021

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The Power of the Tax Credit for Buying an Electric Vehicle

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a...

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PPP Loans Have Reopened: Let's Review the Tax Consequences

February 3, 2021

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PPP Loans have Reopened: Let’s Review the Tax Consequences


The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help...

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Don't Forget to Take Required Minimum Distributions this Year

February 1, 2021

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Don’t Forget to Take Required Minimum Distributions This Year

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a...

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One Reason to File your 2020 Tax Return Early

January 27, 2021

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One Reason to file your 2020 Tax Return Early

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you...

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Can your Business Benefit from the Enhanced Employee Retention Tax Credit?

January 25, 2021

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Can your Business Benefit from the Enhanced Employee Retention Tax Credit?

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a...

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Educate Yourself about the Revised Tax Benefits for Higher Education

January 20, 2021

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Educate Yourself about the Revised Tax Benefits for Higher Education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher...

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New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

January 18, 2021

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New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks...

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Your Taxpayer Filing Status: You May Be Eligible to Use More Than One

January 13, 2021

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Your Taxpayer Filing Status: You May...

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The Right Entity Choice: Should you convert from a C to an S Corporation?

January 11, 2021

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 The Right Entity Choice: Should you convert from a C to an S Corporation?


The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to...

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The Next Estimated Tax Deadline is January 15 if you have to make a Payment

January 6, 2021

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The Next Estimated Tax Deadline is January 15th if you have to make a Payment

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax...

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2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

January 4, 2021

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2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers


Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in...

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Drive More Savings to your Business with the Heavy SUV Tax Break

December 30, 2020

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Drive More Savings to your Business with the Heavy SUV Tax Break


Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A...

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Can You Qualify for a Medical Expense Tax Deduction

December 28, 2020

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Can You Qualify for a Medical Expense Tax Deduction?


You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard...

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Health Savings Accounts for your Small Business

December 23, 2020

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Health Savings Accounts for your Small Business


Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an...

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Employees: Don't Forget about your FSA Funds

December 21, 2020

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Employees: Don’t Forget about your FSA Funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here...

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The QBI Deduction and a Year-end Tax Tip that might help you Qualify

December 16, 2020

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The QBI deduction basics and a year-end tax tip that might help you qualify


If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is...

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Maximize your 401(k) Plan to Save for Retirement

December 14, 2020

 

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Maximize your 401(k) Plan to Save for Retirement


Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a...

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Small Businesses: Cash in on Depreciation Tax Savers

December 9, 2020

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Small Businesses: Cash in on Depreciation Tax Savers


As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable...

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Can Investors who Manage their own Portfolios Deduct Related Expenses?

December 7, 2020

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Can Investors who Manage their own Portfolios Deduct Related Expenses?


In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax...

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There May be Relief from Tax Liability for "Innocent Spouses"

December 2, 2020

 

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There May be Relief from Tax Liability for “Innocent Spouses”

If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you are getting divorced, you should know...

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Understand the Passive Activity Loss Rules

November 30, 2020

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Understanding the Passive Activity Loss Rules

Are you wondering if the passive activity loss rules affect business ventures you are engaged in — or might engage in? If the ventures are passive activities, the passive activity...

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What Happens if an Individual Can't Pay Taxes

November 25, 2020

 

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What Happens if an Individual Can’t Pay Taxes


While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time?...

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What Tax Records Can You Throw Away?

November 23, 2020

 

 

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due...

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Taking Distributions from a Traditional IRA

November 18, 2020

 

Taking distributions from a traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more...

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How Series EE Savings Bonds are Taxed

November 16, 2020

How Series EE savings bonds are taxed
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in...

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Tax Responsibilities

November 11, 2020

Tax responsibilities if your business is closing amid the pandemic
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we...

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New Business?

November 9, 2020

New business? It’s a good time to start a retirement plan

If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of...

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Disability Income: how is it taxed?

November 5, 2020

 

Disability income: How is it taxed?
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it...

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Divorcing Couples

November 3, 2020

Divorcing couples should understand these 4 tax issues
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an...

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Are scholarships tax-free or taxable?

October 28, 2020

Are scholarships tax-free or taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition...

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Buying and Selling Mutual Fund Shares

October 26, 2020

 

Buying and selling mutual fund shares: Avoid these tax pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have...

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The 2021 SS wage base is increasing

October 21, 2020

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced...

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What Tax Records can you Throw Away?

October 19, 2020

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re...

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The easiest way to survive an IRS audit is to get ready in advance

October 7, 2020

 

The easiest way to survive an IRS audit is to get ready in advance


IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among...

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Why it's important to plan for income taxes as part of your estate plan

October 5, 2020

 

Why it’s important to plan for income taxes as part of your estate plan


As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be...

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Tax Rules for Deducting Computer Software Costs of Your Business

September 30, 2020

The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you...

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Business Website Costs: How to Handle Them for Tax Purposes

September 28, 2020

Business website costs: How to handle them for tax purposes

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be...

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Tax Implications of Working from Home

September 18, 2020

Tax implications of working from home and collecting unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home....

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2020 Q4 Tax Calendar

September 14, 2020

2020 Q4 tax calendar: Key deadlines for businesses and other employers


Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind...

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Employers Have Questions About Deferring SS Taxes

September 10, 2020

Employers have questions and concerns about deferring employees’ Social Security taxes


The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the...

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5 Key Points

September 9, 2020

5 key points about bonus depreciation
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property...

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Back to school tax breaks on the books

September 8, 2020

 

Back-to-school tax breaks on the books


Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may...

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Will You Have to Pay Tax on Your Social Security Benefits?

August 31, 2020

 

Will You Have to Pay Tax on Your Social Security Benefits?


If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will...

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The President's Action to Defer Payroll Taxes: What Does it Mean for Your Business?

August 24, 2020

 

The President’s action to defer payroll taxes: What does it mean for your business?


On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer...

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The President's action to defer payroll taxes: What does it mean for your business?

August 17, 2020

 

The President’s action to defer payroll taxes: What does it mean for your business?


On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer...

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The tax implications of employer-provided life insurance

August 10, 2020

 

The tax implications of employer-provided life insurance


Does your employer provide you with group term life insurance? If so, and if...

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Are scholarships tax-free or taxable?

August 5, 2020

 

 

Are scholarships tax-free or taxable?


COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for...

Read More...

If you’re selling your home, don’t forget about taxes

July 27, 2020

 

IF YOU'RE SELLING YOUR HOME, DON'T FORGET ABOUT THE TAXES


Traditionally, spring and summer are popular...

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Relief from not making employment tax deposits due to COVID-19 tax credits

April 23, 2020

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Relief from not making employment tax deposits due to COVID-19 tax credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the...

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New COVID-19 law makes favorable changes to “qualified improvement property”

April 23, 2020

 04_20_20_1137560752_sbtb_560x292.jpgNew COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts...

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Answers to questions about the CARES Act employee retention tax credit

April 6, 2020

 

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Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages...

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Coronavirus (COVID-19): Tax relief for small businesses

March 25, 2020

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Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a...

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Individuals get coronavirus (COVID-19) tax and other relief

March 24, 2020

 

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Individuals get coronavirus (COVID-19) tax and other relief

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department...

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There still might be time to cut your tax bill with IRAs

February 4, 2020

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There still might be time to cut your tax bill with IRAs

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you...

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Do your employees receive tips? You may be eligible for a tax credit

Nick Radloff

February 4, 2020

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Do your employees receive tips? You may be eligible for a tax credit

Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a...

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Numerous tax limits affecting businesses have increased for 2020

Nick Radloff

January 30, 2020

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Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020....

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Answers to your questions about 2020 individual tax limits

January 30, 2020

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Answers to your questions about 2020 individual tax limits

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be...

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4 new law changes that may affect your retirement plan

January 22, 2020

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4 new law changes that may affect your retirement plan

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these...

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Cents-per-mile rate for business miles decreases slightly for 2020

January 21, 2020

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This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for...

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New rules will soon require employers to annually disclose retirement income to employees

  

New rules will soon require employers to annually disclose retirement income to employees

New rules will soon require employers to annually disclose retirement income to employees
As you’ve probably...

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2020 Q1 Tax Calendar

 

Here are some of the key tax-related deadlines affecting businesses...

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Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return

February 1, 2019

Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be...

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TCJA changes to employee benefits tax breaks: 4 negatives and a positive

April 17, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.

4 breaks...

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2018 Q2 tax calendar: Key deadlines for businesses and other employers

March 26, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure...

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Defer tax with a Section 1031 exchange, but new limits apply this year

March 19, 2018

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of...

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Don’t forget: 2017 tax filing deadline for pass-through entities is March 15

March 6, 2018

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S...

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Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

February 26, 2018

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act...

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Small business owners: A SEP may give you one last 2017 tax and retirement saving opportunity

February 12, 2018

Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high...

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Claiming bonus depreciation on your 2017 tax return may be particularly beneficial

February 6, 2018

 

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus...

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State and local sales tax deduction remains, but subject to a new limit

February 3, 2018

 

Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had...

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2 Tax Credits Just for Small Businesses May Reduce Your 2017 and 2018 Tax Bills

January 29, 2018

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or...

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Meals, entertainment and transportation may cost businesses more under the TCJA

January 23, 2018

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the...

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Personal Exemptions and Standard Deductions and Tax Credits, Oh My!

January 16, 2018

 

Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for...

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Don’t Be a Victim of Tax Identity Theft: File Your 2017 Return Early

January 10, 2018

 

The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17)....

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New Tax Law Gives Pass-Through Businesses a Valuable Deduction

January 8, 2018

 

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting...

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Most Individual Tax Rates Go Down Under the TCJA

January 4, 2018

 

The Tax Cuts and Jobs Act (TCJA) generally reduces individual tax rates for 2018 through 2025. It maintains seven individual income tax brackets but reduces the rates for all brackets except 10% and 35%, which remain the same.

It also makes...

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Tax Cuts and Jobs Act: Key Provisions Affecting Individuals

December 28, 2017

 

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers.

The...

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Tax Cuts and Jobs Act: Key provisions affecting businesses

December 27, 2017

 

The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on...

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401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant

December 19, 2017

 

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the...

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What You Need to Know About Year-End Charitable Giving in 2017

December 13, 2017

 

 

Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in...

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7 Last-Minute Tax-Saving Tips


The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:

Pay your 2017 property tax bill that’s due in early 2018.
Make...

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Six Tips to Budget for the Holidays

November 30, 2017

The “most wonderful time of the year” is right around the corner. While the holidays are a fun and festive time to get together with family and friends, they can also be a very difficult time for your finances. Here are six tips to get you through this holiday season debt-free.

1. Plan ahead – One of the most important parts of saving over the holidays is having a...

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What Questions Should You Ask Potential Professional Tax Consultants

October 24, 2017

As summer ends and autumn begins, one can naturally conclude that the holiday season is just around the corner. Yes, chestnuts will be roasting on an open fire and city sidewalks will be dressed in holiday style before we know it. But that also means that another time if year will be here before we know it; tax season.


It seems hard to believe that we should be already...

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Cleaning Out Your Tax Files – Which Ones Should You Save?

September 28, 2017

 

Are you doing a little “fall cleaning” in your office? Nothing feels better than getting organized as year-end approaches. You may be tempted to toss out old tax records to...

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The Benefits of Using Quickbooks for Your Business

August 15, 2017

 

Owning a business, as you know, is very rewarding but it does not come without its challenges.  There are endless tasks and responsibilities and it seems like there are never enough hours in the day.  And, after a long day of running around, the last thing you want to do is sit down and focus on the...

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Audit Survival Skills

May 26, 2017

 

Does your business undergo an annual audit, or is it about to be audited for the first time? If so, it’s likely that just the term...

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Tips to Increase Your 2017 Tax Refund

April 5, 2017

You may already know that the more allowances you claim on your W-2, less income tax will be held back. This means you will receive larger paychecks, but a smaller tax refund. To maximize your tax refund for 2017, take a look at these tips and see if you can incorporate them the next time you file.

Choose the correct filing status
Don't assume that just because...

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What’s the Big Deal About Asset Management Plans?

March 1, 2017

The healthy growth of an organization requires the careful consideration of how to appropriately manage assets. Creating a strategic asset management plan plays an important part in encouraging growth while offering valuable insight into what is working and what areas need to be addressed. March is Asset Management Awareness Month – the perfect time to review or create your asset...

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What Information Do You Need to File Your State and Federal Taxes

February 20, 2017

It’s that time of year! No, not THAT time of year, where chestnuts are roasting on an open fire and city sidewalks are dressed in holiday style. But it is the time of year to get a head start on filing your taxes. While the deadline to file your state and federal taxes for 2016 is still two months away, with the busy schedule you lead, it doesn’t hurt to think ahead and get...

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Why Risk Management is Important for a Small Business

December 29, 2016

Why Risk Management is Important for a Small Business 

Risk management is something that large businesses spend a lot of time discussing. They consider the components of risk within their organizations and develop processes to identify, measure, and manage that risk. Often, small business owners do not consider this a vital conversation for their business...

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How to Avoid an IRS Audit

November 29, 2016

How to Avoid an IRS Audit

 

As the end of the year draws near, it’s time to plan for filing this year’s taxes. While the chance of being audited is slim, no one wants to invite scrutiny from the IRS. Roughly 0.84% of 2015 tax returns were audited, but that percentage still translates to well over one million people receiving an audit. Learning what raises red...

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Six Tips to Budget for the Holidays

November 15, 2016

The “most wonderful time of the year” is right around the corner. While the holidays are a fun and festive time to get together with family and friends, they can also be a very difficult time for your finances. Here are six tips to get you through this holiday season debt-free.

  1. Plan ahead – One of the most important parts of saving over the...

Read More...

Our New Website!

Tax & Business Consultants is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to...

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Organizing for Tax Season

February 8, 2016

On January 19th, the 2016 Tax Season opened and the IRS began accepting individual tax returns. For many individuals, tax season is a time of stress and anxiety. If you have a significant amount of paperwork to sift through, there’s no need to worry! Tax and Business Consultants has some organizational tips to help you through the stressful tax season. All it takes...

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Proudly serving our clients since 1960

January 21, 2016

If you’re looking for exceptional service, the professional guidance and expertisefrom Tax & Business Consultants will aid you in a number of services to help your business operate more efficiently. Let us help your business with tax planning, tax preparation,

 

 

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The Next Estimated Tax Deadline is January 15 if you have to make a Payment

January 4, 2001

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The Next Estimated Tax Deadline is January 15 if you have to make a Payment


If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax...

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