Let's get the weekend started. Friday from Best Accounting & Tax Solutions
The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
BESTTAXCPAS.COM
Solar Tax Credit is Sunsetting Soon
Midweek Wednesday Wisdom from Best Accounting & Tax Solutions
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
BESTTAXCPAS.COM
Keeping Your Designated IRA Beneficiary Current is Important
The tax filing extension deadline, October 15th, is just around the corner. Here is a quick reminder of what you need to know.
Set yourself up for success with Monday Motivation from Best Accounting & Tax Solutions
End of week tax fact from Best Accounting & Tax Solutions
Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
BESTTAXCPAS.COM
Gambling and Tax Gotchas
Wednesday Wisdom from your friends at Best Accounting & Tax Solutions
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
CNBC.COM
Trump says he's calling off stimulus negotiations with Democrats 'until after the election'
You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. A living trust is an estate-planning tool that is customized to suit the special circumstances of the individual it was created for but does not provide any estate tax or income tax benefits.
BESTTAXCPAS.COM
Is a Living Trust Appropriate for You?
Make your Monday great with this motivation from Best Accounting & Tax Solutions
Some insider tax knowledge from Best Accounting & Tax Solutions.
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
BESTTAXCPAS.COM
There is More to Deducting Health Insurance than Meets the Eye
Midweek Wednesday Wisdom from Best Accounting & Tax Solutions
The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.
BESTTAXCPAS.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
Here's some motivation for your Monday from Best Accounting & Tax Solutions
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
BESTTAXCPAS.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
Here is a fun fact for your Friday from Best Accounting & Tax Solutions.
Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.
BESTTAXCPAS.COM
12 Financial Metrics Small Business Owners Should Track
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.
BESTTAXCPAS.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
Tap into your full potential. Wednesday Wisdom from Best Accounting & Tax Solutions
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
BESTTAXCPAS.COM
Are You Keeping Track of Your Investment Basis?
A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.
BESTTAXCPAS.COM
Is That Inheritance Taxable?
It matters how you get there. Wednesday Wisdom from Best Accounting & Tax Solutions
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
BESTTAXCPAS.COM
Don't Miss the Opportunity for a Spousal IRA
A little inspiration from Best Accounting & Tax Solutions to start your week.
It matters how you get there. Wednesday Wisdom from Best Accounting & Tax Solutions
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.
BESTTAXCPAS.COM
IRS Releases Inflation Adjustments for 2021
Best Accounting & Tax Solutions has the motivation you need to get going this Monday.
Your Friday tax fact from Duluth based Best Accounting & Tax Solutions.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
BESTTAXCPAS.COM
Renting Your Home or Vacation Home for Short Periods
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Looking for an entry/experienced accountant job at a local CPA Firm located in Duluth, GA? Please send us your resume to help@BestTaxCPAs.com. Quickbooks Desktop knowledge & experience is a plus.
Best Accounting & Tax Solutions posted a job.
3 hrs ·
Looking for an entry/experienced accountant job at a local CPA Firm located in Duluth, GA? Please send us your resume to help@BestTaxCPAs.com. Quickbooks Desktop knowledge & experience is a plus.
Looking for an entry/experienced accountant job at a local CPA Firm located in Duluth, GA? Please send us your resume to help@BestTaxCPAs.com. Quickbooks Desktop knowledge & experience is a plus.
BEST ACCOUNTING & TAX SOLUTIONS
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