The IRS has issued guidance for employers claiming the employee retention credit. In general, eligible employers can claim a refundable employee retention credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021, limited to wages paid of $10,000 …
How to Claim Employee Retention Credit in Q3 and Q4 of 2021 Read More »
Remote work has convinced many of us that we can do our jobs regardless of where we are located. This new approach is making many think about moving to a new location to be closer to family, enjoy nicer weather or to save money. Additionally, many people facing retirement move to an area with a …
Like most of us, you are probably more focused on your 2020 tax bill than how to manage your personal finances in 2021. However, as you get ready to file your annual tax filing, it’s a good idea to also think about changes that will impact your taxes for 2021. Not all tax figures are …
If you help your kids understand money when they’re young, they’re more likely to develop sound financial habits when they’re adults. Of course, you’ll want to tailor the information to your child’s age. Here are some tips: Toddlerhood & preschool Talk about how most people work to earn money to buy things like food and …
As we mentioned in our blog post from last week, we are doing our best to keep you informed about any changes that may impact you, and not surprisingly, we do have additional information to share now. On the evening of March 20, the IRS released Notice 2020-18 which provided some clarification on 2019 tax return filings and …
The Tax Cuts and Jobs Act (TCJA) had both a direct and indirect impact on the various types of interest expense that individuals can deduct from their taxes, including qualified residence interest. The TCJA affects interest on residential loans in two ways. First, it nearly doubles the standard deduction and places a $10,000 cap on …
Many of us dream of retiring early so they can pursue non-work activities, such as traveling, volunteering, and pursuing our hobbies full-time. But careful planning and diligent saving during the years leading up to the anticipated retirement date are necessary to make this dream a reality. It all starts with retirement savings accounts such as …
Fall is definitely here and now is a great time to start thinking about your year-end business tax planning. There are a variety of things you may want to consider, or at least look into, before the end of the year, so you can make adjustments now to reduce the taxes you have to pay …
Life is full of ups and downs, many of which can greatly impact your taxes for the year in which the milestone takes place. Here are just a few events that have tax implications for which you should be prepared. Starting a New Job When you start any new job, you should make any necessary …
Major Life Changes Ahead? Know the Tax Implications Read More »
While you may be surprised by this, every state had its own set of unique laws regarding what is taxed and what is not. Of course, some things are pretty consistent, but some are downright weird. Here are a few of the more interesting items that are taxes across the country. Missouri: Bachelor Tax Unmarried …