Tax breaks for charitable giving aren’t limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here’s what you should know. 1. Verify that the Organization is a Qualified CharityOnce you’ve identified a charity, you’ll need […]
When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you’re working remotely from a location in a different state […]
Here’s what business owners need to know about tax changes for 2020.Standard Mileage RatesThe standard mileage rate in 2020 is 57.5 cents per business mile driven.Health Care Tax Credit for Small BusinessesSmall business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small […]
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020.Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025.Standard DeductionsThe standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals filing […]
During NovemberEmployers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2021 to fill out a new Form W-4. The 2021 revision of Form W-4 will be available on the IRS website by mid-December.November 2Employers – Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2020. Deposit […]
Cash flow is a problem for so many businesses right now. Unless you sell products or services that are in high demand during the COVID-19 pandemic, you’re probably struggling to get payments from customers who are also cash-strapped. Adding a line to your invoices that says something like, “We appreciate your prompt payment” isn’t making […]
While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement. With […]
Unfortunately, disaster can strike at any time. If you’ve been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes:1. FEMA Declaration of Major Disaster AreaBefore the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify […]
Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding:1. Backup withholding is required on certain non-payroll amounts when certain conditions apply.The payer making such payments to the payee doesn’t generally […]
Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act […]