Tax

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).   […]

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 taxpayer filing statuses. In part, they depend on whether you’re married or unmarried […]

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.  Contact us  to ensure you’re meeting all applicable key tax-related deadlines and to learn more about the filing […]

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you […]

We are happy to release our 2020 – 2021 Tax Planning Guide. This guide includes information and guidance for both businesses and individuals. If you have questions or if you would like additional information, please contact us.

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. You maybe able to drive into more savings for your business with the heavy SUV tax break. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply […]

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. Itemizers must meet a threshold For […]

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well […]

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property to cash in on depreciation tax savers. You may find benefits from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to […]

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities […]