The CARES Act provides four temporary options for tax-deductible charitable giving in 2021. Here's a list of strategies you might want to consider in your year-end tax planning: If you take the standard deduction, normally you would not be allowed to claim a deduction for your charitable contributions, but in 2021, individuals can claim a deduction of up to $300…
Do you have children or grandchildren who plan to attend college in the future? Do you have a dependent in college now? Are you considering going back to college to finish a degree or start a graduate degree program? As the cost of a college education continues to increase, understanding the tax implications of saving and paying for tuition is…
Taxpayers may access the Child Tax Credit Update Portal with either an ID.me Account or an IRS Online Services Account through Secure Access. An IRS Online Services Account also provides a variety of other accessibility options related to the taxpayer’s individual tax account which are not accessible with an ID.me Account. The following is a quick summary of these types…
If your company has a 401(k) plan, you know it's a great benefit for your employees. Payroll deduction is an easy way to save for retirement, and can provide a tax-advantaged way to grow that important nest egg.But you also know that 401(k) plans come with some critical compliance issues. Both the IRS and Department of Labor (DOL) regulate employee…
The combination of low interest rates and rising property values may be leading you to consider refinancing your home. Whether you should do so depends on several factors. Why Refinance? Here are four benefits to refinancing: 1. Lowering Your Interest Rate and/or Your Monthly Payment Reducing your interest rate can provide significant long-term savings, especially if your current rate is…
With the March 11, 2021 passage of the American Rescue Plan Act (ARPA), two long-standing tax credits for taxpayers with minor children received significant enhancements. Child Tax Credit Background: The Child Tax Credit (CTC) previously provided up to a $2,000 credit per qualifying child. This credit began to phase out for taxpayers with adjusted gross income (AGI) > than $400,000…
If you have employees who are eligible for COBRA coverage because of job changes outside of their control, here's good news. They may be eligible to have their premiums fully paid between April 1, 2021 and September 30, 2021. This provision of the recent American Rescue Plan Act (ARPA) applies to employees in these situations: The employee's hours were reduced…
It's a question we hear frequently - how long do you need to keep all those documents? Our records retention guidelines can help - click below for a handy one page guide! Records Retention for Individuals
Did you receive a Form 1099-G for unemployment compensation . . . but you didn't receive unemployment in 2020? Don't ignore it - it means you've probably been the victim of identity theft, and if you do nothing, those amounts will be reported to the IRS as taxable income to you. Report a bogus Form 1099-G to your state's unemployment…
The coronavirus relief legislation passed at the end of 2020 included an enhancement to the Employee Retention Credit (ERC) that makes it available to more businesses. What is the Employee Retention Credit? The ERC provides for a refundable tax credit for companies that continue to pay their employees, even if the business is closed or experiences a slowdown due to…