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
Category Archives: General Tax
2 April 2021
Reminder: Estimated Taxes for Q1 2021 Still Due 4/15
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
11 November 2020
Year-End Tax Planning for Businesses
With a new president taking office, an ongoing pandemic, and unprecedented tax law changes over the past few years, this could be the most important tax planning year yet. This article will review 2020 legislative tax changes affecting businesses and … Continue reading
26 October 2020
Year-End Tax Planning for Individuals
We recognize the impact this unimaginable year has had on all of us. There have been immeasurable shifts in our society, but our unwavering commitment to help guide you with our resources and expertise remains steadfast. Here are some planning … Continue reading
28 September 2020
5 New Updates on Economic Impact Payments
New information continues to unfold as Congress provides clarity on several aspects of the economic impact payments and discusses a potential second round of stimulus checks. IRS Notice 1444 Under the CARES Act, the IRS deposited or mailed the first … Continue reading
5 September 2020
Tax Consequences of COVID-19 Surcharges
Many service businesses are adding surcharges to customers’ bills as a way to make up for lost income during the current economic financial crisis. Business owners are going out of their way to enhance safety measures and make customers feel … Continue reading
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