December 10Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.December 15Corporations – Deposit the fourth installment of estimated income tax for 2020. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.Employers Social Security, Medicare, and […]
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020.Designed especially for people who choose to take the standard deduction, rather than itemize. In tax-year 2018, […]
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these […]
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. The catch-up contribution limit for employees aged […]
If you’re thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization’s articles of incorporation […]
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 […]