Category: blog

Historically, businesses were able to deduct 50% of the cost of business meals and beverages so long as the business owner and/or an employee were present at the meal. Meals and beverages are deductible in the case of business travel (i.e.: an owner/employee are out of town away from home overnight for business purposes) or… Read More »

Creating an IRS.gov online account is more important than ever. With passage of Covid related legislation and increased assistance from the federal government, tax time is going to get even trickier than normal. Stimulus money such as the Economic Impact payments, as well as the new Child Tax Credit advances must be reconciled on your… Read More »

Before you begin: You will need to have the following information to set up a new IRS.gov taxpayer portal. Before you begin, make sure you have and know the following information: A valid email address Your social security (SSN) or Individual Tax Identification Number (ITIN) Tax filing status and mailing address A valid drivers license… Read More »

The Legislation passed March 11, 2021 has expanded the amount of Child Tax Credit (CTC) available to taxpayers. Here is a short synopsis of these changes. The new law changes the “qualifying child” age to one who has not turned 18 as of 12/31/21, or 17 and under.  This age requirement is only for 2021… Read More »

IRA’s and Roth IRA’s are popular retirement savings options. However, there are limitations to the amount that can be contributed each year. There is a maximum limitation set by the government each year. In addition, there are other factors that may reduce the amount set by the government. These factors include wages, self‐employment earnings, age,… Read More »

Over the past year, we have been informing you of the various changes that came with the new tax law here is one more. Recently the IRS came out with guidance on how a rental activity may qualify for the new Qualified Business Income (QBI) deduction as a “trade or business” enterprise. They followed up… Read More »

Whether you are just deciding to hire an internal bookkeeper or have employed one for years, the driving force behind the decision is that you, the business owner, simply don’t have time to do it yourself anymore. Once hired, the Company’s bookkeeper generally does it all including paying bills, payroll, invoicing customers and collecting payment,… Read More »

This is one change you may not have heard about in the Tax Cuts and Jobs Act of 2017 (TCJA): Effective January 1, 2018, Congress eliminated the 50% deduction previously allowed for entertainment expenses. Up through December 31, 2017 businesses could deduct 50% of entertainment expenses directly related to or associated with the active conduct… Read More »

Family and Medical Leave Act Credit There is a new income tax credit available for employers under the Tax Cuts and Jobs Act (TCJA) of 2017. Effective in tax years beginning after 12/31/2017, and beginning before 01/01/2020, employers can claim a tax credit equal to 12.5% of wages paid to employees during any period that… Read More »