Safe harbor is now available that allows employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are:The amount of the forgiveness of a Paycheck Protection Program (PPP) Loan;Shuttered Venue Operators Grants under the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act; […]
An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips: Good Recordkeeping Helps Taxpayers: Identify sources of income. Taxpayers may receive money or property from a variety of sources. The records […]
Summer is wedding season – even during a pandemic – and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly married couples:1. Name and address changesName. When a name changes through marriage, it is important to […]
This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone.1. Review your paycheck. Make sure your employer is properly withholding and reporting retirement account contributions, […]
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home.The IRS home sale exclusion rule allows an exclusion of gain up to $250,000 for a […]
With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornadoes, severe storms, flooding, wildfires, and an earthquake. […]
Hobby activities are a source of income for many taxpayers. For instance, during the pandemic many people may have started making handmade items and selling them for a profit. As a reminder, this income must be reported on tax returns.What is considered a hobby?A hobby is any activity that a person pursues because they enjoy […]
Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where’s My Refund? Tool on the IRS website. The tool also provides a personalized refund date after the return is processed and a refund is approved. […]
One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Let’s say you put in five years at your current job. For most of those years, […]
If your child is a student with a summer job, your child’s income over the summer is considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal income […]