Tax Planning

Employee Retention Credit

EMPLOYEE RETENTION CREDIT Employee Retention Credit: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was an economic stimulus bill that was signed into law on March 27, 2020. One of the provisions of the CARES Act was the Employee Retention Credit. One that provides payroll tax credits available for employers. Which includes tax exempt organizations who retained employees during the COVID-19 pandemic. The goal is to help and … Read more

PPP2 Application Forms Released

PPP2 APPLICATION FORMS RELEASED  PPP2 Application Forms Released: The new COVID-19 relief bill was signed into law on December 27, 2020. $284.5 billion became available to the second installment of the Paycheck Protection Program (PPP2) loans. $35 billion has been set aside specifically for those who are applying for a PPP loan for the first time. Another $15 billion has been reserved especially for community financial institutions (CFIs). First and … Read more

Year-end Tax Planning

Year-end Tax Planning With the year coming to a close, now is an important time to be thinking about ways to save on taxes for 2020 and possibly 2021. Year-end tax planning and projections are especially valuable this year as new guidance was released on the Tax Cuts and Jobs Act (TCJA) as well as the Families First Coronavirus Response Act and the Coronavirus Aide, Relief and Economic Security (CARES) … Read more

Q4 2019 tax deadlines for businesses and employers

Q4 2019 TAX DEADLINES FOR BUSINESSES AND EMPLOYERS For the fourth quarter of 2019, here are four dates to keep in mind if you own a business or if you are an employer. This is not an all-inclusive list, so you can contact us to see what deadlines and filing requirements apply to your situation. October 15 • If you have a C corporation that filed a six-month extension, you must:– File … Read more

Tax Deductions For Your Business

TAX DEDUCTIONS FOR YOUR BUSINESS Business have long relied on Section 179 to allow them to claim tax deductions for certain assets, rather than having depreciation deductions taken over time. Beginning in the 2019 tax year, Section 179 has been expanded by the Tax Cuts and Jobs Act (TCJA). Under the TCJA, the 100% bonus depreciation will also enable businesses to completely write-off qualified assets, such as property or equipment, that … Read more

Taxes Affecting Your Retirement

TAXES AFFECTING YOUR RETIREMENT Over the span of your working days, Social Security taxes are withheld from your salary or self-employment tax. Many people are surprised to find out that their Social Security benefits may be taxed once they retire. The amount you could be paying depends on your other forms of income. If you fall within a certain tax bracket, you will be required to include 50% to 85% … Read more

Retiring and moving to another state? Know about possible taxes

When many retire, they want to move to another state for multiple reasons. Before you move, you should be knowledgeable about the state and local taxes of the state/town you’d like to reside in. However, establishing residency for tax purposes might not be as simple as you think. Finding which taxes are relevant A big motivation for moving to another state may be no personal income tax. However, many states … Read more

Tax Implications of Selling Your Home

TAX IMPLICATIONS OF SELLING YOUR HOME Selling Home Tax: The best seasons for selling a home are spring and summer. With spring in the air and summer right around the corner, buyers may be out in full force in your area. An added bonus for buyers is the current interest rates. The average 30-year fixed mortgage rate was 4.3% during the week of May 2, 2019. This is while the … Read more

Hiring Your Children May Save You on Taxes

HIRING YOUR CHILDREN MAY SAVE YOU ON TAXES If you are a business owner, there are tax breaks and some nontax benefits when hiring your children. Hire your children to save on taxes, the benefits are all around. Kids can obtain valuable life experience while at the same time, learning how to manage money and save for college. The benefits you could receive are the ability to: It must be … Read more