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Saving for Education: Understanding 529 Plans
May 3, 2021
By: HintonBurdick
Many parents are looking for ways to save for their child’s education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for …
Tax Withholding for Seasonal and Part-time Employees
May 3, 2021
By: HintonBurdick
Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or le …
Tax Return Tips for Last-Minute Filers
May 3, 2021
By: HintonBurdick
Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If …
Employee Retention Credit Event
April 1, 2021
By: HintonBurdick
We had a good turnout for our in-person/virtual Employee Retention Credit presentation. The presentation was led by Candus Tibbitts, CPA, Dalton Haberl, CPA, and Sil Bundy. Topics covered included an overview of the Employee Retention Credit, who quali …
Donating a Car To Charity as a Tax Write-Off
April 1, 2021
By: HintonBurdick
If you donate a car to a qualified charitable organization and intend to claim a deduction, you should be aware of the special rules that apply to vehicle donations. Charities typically sell donated vehicles. If the charitable organization sells …
Personal Protective Equipment Qualifies for Deduction
April 1, 2021
By: HintonBurdick
As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for person …
Coronavirus-Related Distributions and Loans
April 1, 2021
By: HintonBurdick
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from ret …
Self-Employed Can Claim Sick & Family Leave Tax Credit
April 1, 2021
By: HintonBurdick
A new form is available for self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). The FFCRA, passed in March 2020, allows eligible self-employed individuals who, due to COVID-19, …
Include Gig Economy Income on Tax Returns
April 1, 2021
By: HintonBurdick
The gig economy is also referred to as the on-demand, sharing, or access economy. People involved in the gig economy earn income as a freelancer, independent worker or employee. Typically, an online platform is used to connect people with potential or …
PPP Loan Deadline Extended Through May 31
April 1, 2021
By: HintonBurdick
The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an ad …
