If you’re a small business owner or a self-employed worker, you may have opted for the self-employment tax deferment benefit offered through the CARES Act. This benefit allowed individuals to defer a certain amount of their Social Security taxes until … Continue reading
Category Archives: General Tax
12 July 2021
Child Tax Credit Monthly Payments Start July 15
On July 15, 2021, the IRS will start sending monthly child tax credit payments to qualifying families around the country. Thanks to the American Rescue Plan Act passed in March 2021, families claiming the child tax credit in 2021 will … Continue reading
4 May 2021
Tips for Your E-Commerce Business from a CPA
E-commerce marketplaces popped up in the early 1990s and have been on the rise ever since. In the last decade, there’s also been a surge of businesses leveraging multiple consumer channels to sell their products. Not to mention, traditional brick-and-mortar … Continue reading
In another round of extensions, the IRS recently pushed back the deadline for contributing to individual retirement accounts (IRAs) to May 17—the same day as the income tax deadline. This means that you now have an additional month to build … Continue reading
2 April 2021
Reminder: Estimated Taxes for Q1 2021 Still Due 4/15
Although the income tax filing deadline was extended until May 17, 2021, quarterly estimated tax payments for self-employed business owners are still due on April 15, 2021. Tax law requires us to pay taxes throughout the year in a timely … Continue reading
16 March 2021
What’s in the New Stimulus Package?
The third stimulus package valued at $1.9 trillion made its debut after President Biden signed the relief into law on Thursday, March 11, 2021. The American Rescue Plan brings a new wave of stimulus payments, tax credits, and legislative extensions … Continue reading
The COVID Relief stimulus package signed at the end of 2020 brings good news to businesses looking for additional financial support as they continue to experience interruptions by the pandemic. Recent legislative changes now expand the eligibility for the employee … Continue reading
11 January 2021
Update on COVID-19 Relief Packages for Small Businesses
As businesses and taxpayers are still reeling from the effects of the pandemic into the new year, additional relief programs and assistance are being offered at both the state and federal level. You’ll have to be quick because there’s a … Continue reading
5 January 2021
Key Adjustments for 2021 – What You Need to Know
As we head into a new year, the IRS has set 2021 inflation adjustments for over 60 tax provisions. Here’s a snapshot of the most important changes, including the tax rate and schedules, income limits for IRA contributions, and more. … Continue reading
2 January 2021
IRS Introduces New Form 1099-NEC
Most small businesses and freelancers are familiar with Form 1099-MISC. In 2020, the IRS unveiled a new Form 1099-NEC for purposes of filing nonemployee compensation for any independent contractors, gig workers, or self-employed individuals not on payroll. In an effort … Continue reading
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