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New Tax Proposal Regarding Capital Gains
Among the many law changes that congress has already enacted, another tax law change which taxpayers should possibly prepare for is President Biden’s recent tax proposal regarding capital gains. The President's proposal would be to tax long-term capital gains on...
Keeping Good Tax Records Is Essential
An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips: Good Recordkeeping Helps Taxpayers: Identify sources of income. Taxpayers...
Repaying Deferred Social Security Tax
The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security...
Choosing a Payroll Service Provider
When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally...
A Tax Checklist for Newly Married Couples
Summer is wedding season - even during a pandemic - and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here's a tax checklist for newly married couples: 1. Name and address changes...
Start Planning Now for Next Year’s Tax Return
This year's tax deadline may have come and gone, but it's never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone. 1. Review your paycheck. Make sure your employer is properly...
Retirement Plan Options for Small Businesses
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits. If you're like many other small...
Which Educator Expenses Are Tax Deductible?
Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel - even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses...
Minimizing Capital Gains Tax on Sale of a Home
If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule allows an exclusion of gain up to $250,000...
Opting Out of the Monthly Child Tax Credit Payment
Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into their bank...
Key Tax Changes Could Affect Your Tax Situation in 2021
Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know: Child and Dependent Care Credit Increased for 2021 Only The new tax law affected taxpayers in several ways. First, it increased the dollar amount...
Child Tax Credit 2021
Today is an important day for many Americans, as the American Rescue Plan (ARP) results are being seen in the form of a cash bank deposit from the United States Treasury. Although the child tax credit has been around in one form or another since 1997, important...
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