Whether their business has one company car or a fleet of vehicles, many business owners find company-owned passenger vehicles to be an indispensible tool for running their businesses. Purchasing or leasing a vehicle can be a large expense, but this expense can be somewhat mitigated by depreciating the vehicle over the first several years that
-> Continue reading Car and Truck Depreciation Limits Updated for 2021

In an effort to capture income from household employees, the tax code requires you to obtain employee information, pay the related state and federal taxes, and withhold taxes for anyone you employ around the house. The requirement for this “nanny tax” comes into play if you pay any one individual $2,300 or more (in 2021).
-> Continue reading Do You Have a Household Employee? Are You Sure?

The first advance payment from the newly expanded child tax credit was recently sent out by the IRS. Payments are scheduled to be made on the 15th of each month through December. The idea of advance payments made for a refundable credit confuses a lot of people, so here’s what you need to know. Background
-> Continue reading Child Tax Credit Payments Have Begun

Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can save between now and December 31. If you are able, consider investing in an IRA or increasing
-> Continue reading Plan Now to Lower Your 2021 Tax Bill

The American Rescue plan signed in March, 2021 requires the IRS to pay out one half of enhanced Child Tax Credits (CTC) to eligible taxpayers beginning this month. If you or someone you know have children, here’s what you need to know: Current status IRS web-sites. The IRS has created two web sites to help
-> Continue reading Advance Child Credit Payments Update

The American Rescue Plan Act of 2021 (ARPA) retroactively excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. Since this new law was signed after some tax returns had already been filed, some people who received unemployment compensation in 2020 paid too much tax and were due a refund. After the law
-> Continue reading 2020 Unemployment Compensation Refunds Are On Their Way

Tax-advantaged accounts like 401(k)s and IRAs are convenient ways to save for your retirement. These types of accounts allow to you defer paying taxes on the amount you save until you start withdrawing your savings. The government does want to see that tax revenue eventually, though. To ensure that the government receives its share of
-> Continue reading Required Minimum Distributions in 2021

The American Rescue Plan signed by President Biden in March 2021 made significant changes to the Child Tax Credit (CTC). These changes expand the CTC to cover roughly 39 million households, covering 88% of children in the United States, and make the CTC directly payable to eligible recipients on a monthly basis. For tax year
-> Continue reading American Rescue Plan and the Child Tax Credit

In response to the pandemic that has affected us all, several temporary changes were made to the rules that govern our tax obligations. Many of these temporary changes are due to expire in 2021, so you may need to adjust your plans in the upcoming year. Here are some changes to be aware of. Required
-> Continue reading A Return to Pre-Pandemic Tax Rules

The U.S. Small Business Administration launched the registration portal for the $28.6 billion Restaurant Revitalization Fund (RRF) on April 23, and is now accepting applications for the program. Restaurants and other food providers hard-hit during the COVID-19 pandemic have been anxiously awaiting direct aid to help them recover after more than a year of government-imposed
-> Continue reading Registration Now Open for Restaurant Revitalization Fund