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Solar Technology Tax Credits Still Available for 2020

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until...

Retirement Contributions Limits Announced for 2021

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...

Small Business: Deductions for Charitable Giving

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that...

Working Remotely Could Affect Your Taxes

While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from your office, you may be wondering if you will have to pay income tax in both jurisdictions. The short answer is that it...

Business Tax Provisions: The Year in Review

Here's what business owners need to know about tax changes for 2020. Standard Mileage Rates The standard mileage rate in 2020 is 57.5 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the...

Individual Taxpayers: Recap for 2020

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction...

Individual Retirement Arrangements: Terms To Know

While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker, there are other taxpayers such as those new to the workforce...

Tax-Related Items To Keep in Mind When Disaster Strikes

Unfortunately, disaster can strike at any time. If you've been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes: 1. FEMA Declaration of Major Disaster Area Before the IRS can authorize...

Tips for Taxpayers: Backup Withholding

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on...

Seasonal Workers and the Healthcare Law

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often...

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