Category: News

  • Many Parents Will Receive Advance Tax Credit Payments Beginning July 15

    Many Parents Will Receive Advance Tax Credit Payments Beginning July 15

    Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments created in the American Rescue Plan Act (ARPA) will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable for 2021.…

  • New law: Parents and other eligible Americans to receive direct payments

    New law: Parents and other eligible Americans to receive direct payments

    The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the…

  • The Cents-Per-Mile Rate For Business Miles Decreases Again For 2021

    The Cents-Per-Mile Rate For Business Miles Decreases Again For 2021

    This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could for 2020 or 2019. This is the second year in…

  • One Reason To File Your 2020 Tax Return Early

    One Reason To File Your 2020 Tax Return Early

    The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension),…

  • Can Your Business Benefit From The Enhanced Employee Retention Tax Credit?

    Can Your Business Benefit From The Enhanced Employee Retention Tax Credit?

    COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the credit The CARES Act, enacted in March of 2020, created the ERTC. The credit:…

  • The COVID-19 Relief Law: What’s In It For You?

    The COVID-19 Relief Law: What’s In It For You?

    The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct…

  • New Law Doubles Business Meal Deductions And Makes Favorable PPP Loan Changes

    New Law Doubles Business Meal Deductions And Makes Favorable PPP Loan Changes

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law…

  • Your Taxpayer Filing Status: You May Be Eligible To Use More Than One

    Your Taxpayer Filing Status: You May Be Eligible To Use More Than One

    When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried…

  • Drive More Savings To Your Business With The Heavy SUV Tax Break

    Drive More Savings To Your Business With The Heavy SUV Tax Break

    Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under so-called “luxury auto” rules, depreciation deductions are artificially “capped.” So is the…

  • Tax Responsibilities If Your Business Is Closing Amid The Pandemic

    Tax Responsibilities If Your Business Is Closing Amid The Pandemic

    Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for…