Article Highlights Disaster Losses Extension of Filing Due Dates Hurricane Ida California Wildfires Elections Net Operating Loss Possible Gain With the wildfires in the west, hurricanes, and flooding in the southeast and eastern seaboard, we have had several presidentially declared disaster areas this year. Use the FEMA site to determine if you are within a federally declared disaster area. You can also use the [...]
Article Highlights October 15 is the extended due date for filing federal individual tax returns for 2020. Late-filing penalty Interest on tax due Other October 15 deadlines The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021, due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return by [...]
Article Highlights Increase in Corporate Tax Rate Increase in Top Marginal Individual Income Tax Rate Increase in Capital Gains Rate for Certain High-Income Individuals Deduction for Certain Employee Trade or Business Expenses Application of Net Investment Income Tax to Trade or Business Income Limitation Qualified Business Income Deduction Limitations on Excess Business Losses of Noncorporate Taxpayers Surcharge on High-Income Individuals, Trusts, and Estates Termination [...]
Here are five things that happened this past month that affect your small business. 1) The Senate passed a $1.2T infrastructure package. At the beginning of August, the Senate passed a bipartisan infrastructure package, "the largest upgrade to the country's roads, bridges, pipes, ports and broadband in decades." There are a few steps left before this bill becomes law, but it is expected to [...]
Article Highlights: SSA Name Change IRS Address Change Postal Service Address Change Tax Withholding Tax Filing Status Marrying A Non-resident Alien Joint and Several Liability Beware of Tax Scams Most weddings planned for 2020 were delayed because of COVID, causing a big upswing in the number of weddings in 2021. Although tax issues are the furthest thing from their minds during this big life-changing [...]
Article Highlights: What Is a SEP? Contribution Limits Employee Coverage Requirements How to Establish a SEP SEP Distributions What is a SEP? Like many small business owners, you probably find yourself very busy in the wake of the COVID slowdown and are getting back up to speed. But don’t forget about your future. There are a number of retirement plans available, including Keogh plans [...]
There's a specific sensibility and respect that gets attached to businesses that are referred to as "startups." There's a general feeling of risk taking and future-facing enterprise that owners enjoy. But the actual definition of what a startup is can be murky, and even if your business meets the definition in the eyes of the investing community, at what point do you graduate from [...]
Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Gambling Gotcha Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the term “Social [...]
Article Highlights Employer Identification Numbers (EINs) Contact Information Update Responsibilities ID Theft and Fraud Issues Responsible Party Filing Tips Updating Individual Contact Information The Internal Revenue Service (IRS) is reminding entities with Employer Identification Numbers (EINs) of their responsibility to update that information whenever the contact information or responsible party changes. IRS regulations require EIN holders to update responsible party information within 60 days [...]
Article Highlights: Advance Child Tax Credit Payments Began July 15 Should You Take Advance Payments or Wait for the Credit on Your 2021 tax return? How to Opt Out Basis for the 2021 Child Tax Credit Credit Phase Out Low Income Safe Harbor Repayments 2021 Credit Amounts Determining the Advance Payment Credit for High Income Taxpayers If you have children under the age of [...]
