Big Tax Breaks for Hiring Your Children in the Family Business
Tax Credits, Tax Planning, Tax TipsArticle Highlights:
Child Under the Age of 19 or a Student Under the Age of 24
Kiddie Tax
Tax on a Child’s Earned Income
Deduction for the Business
Employment Taxes
IRAs and Retirement Plans
With jobs at a premium during…
Employee Holiday Gifts May Be Taxable
2020 Tax Laws, Gift Tax, Holidays, Tax Planning, TaxesArticle Highlights:
De Minimis Fringe Benefits
Cash Gifts
Gift Certificates
Group Meals
FICA and Wage Withholding
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently…
What Happens if I Missed the October 15th Tax Extension Deadline?
Tax Planning, Tax Tips, TaxesWe’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, you realize that the October 15th tax extension…
Top 10 year-end tax planning tips
2020 Tax Laws, Accounting, Tax Planning, Tax Tips
From Accounting Today
Between the upcoming presidential election and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax — which makes helping clients…
How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19
COVID-19, Tax News, Tax Planning, Tax Tips, TaxesEver since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social…
Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19
COVID-19, Personal Finance, Small Business, Succession Planning, Tax PlanningRegardless of the type of business you're running, it's safe to say that you've likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have…
Watch Out for Tax Penalties
2020 Tax Laws, Tax Planning, Tax Tips, TaxesMost taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered…
What President Trump’s Executive Order Means for You
2020 Stimulus Package, 2020 Tax Laws, COVID-19, Tax Credits, Tax Planning, Tax Tips, UncategorizedWe are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know…
Wealthy Taxpayers May Want to Strategize for Potential Tax Increases
2019 Tax Laws, 2020 Tax Laws, Financial Planning, Tax Planning, Tax Tips, TaxesArticle Highlights:
Skyrocketing Government Spending
Federal and State Deficits
Tax Increases in Our Future
Tax Strategies
The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19…
Is The Government Keeping Your Refund?
2019 Tax Laws, 2020 Stimulus Package, 2020 Tax Laws, Accounting, Tax Planning, Tax Refund, Tax Tips, Taxes
Article Highlights:
Bureau of the Fiscal Service
Allowable Refund Offsets
Disputing an Offset
Injured Spouse Claim
We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never…