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.
BIZSVC4U.COM
Solar Tax Credit is Sunsetting Soon
Tap into your full potential. Wednesday Wisdom from Business Services 4 U LLC
When was the last time your tax preparer took continuing education in taxation? Why is the answer important? If you don't know the answer to either of these questions then this Facebook Live is for you. If you are watching live, please say "hi" so I know you are here. You can type your questions in the Comments. If you are watching on replay you can e-mail your questions to info@accountingcommandos.com.
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.
BIZSVC4U.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.
Make your Monday great with this motivation from Business Services 4 U LLC
Your Friday tax fact from West Palm Beach based Business Services 4 U LLC.
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.
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Gambling and Tax Gotchas
Wednesday Wisdom and Business Services 4 U LLC = Success
Have recently gotten divorced? Are you in the process of getting divorced? Are you considering divorcer? If so, then this episode might interest you.
Don't forget to say "hi" if you are watching live. I always like to know who is watching.
Taking about the tax implications of divorce today at 10am.
Sheree Meyers White EA was live.
October 7 at 8:56 AM ·
Answers from the Accounting Commando
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'
Business Services 4 U LLC has a fun tax fact to share with you.
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.
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There is More to Deducting Health Insurance than Meets the Eye
Wednesday Wisdom and Business Services 4 U LLC = Success
Do you have a good set of business books or were you scribbling your numbers on a few pieces of paper to get your taxes done? If you are a sole proprietor, self employed or a solopreneur this is for you.
Don't forget to say "hi" if you are watching live. It's always good to know that people are watching.
You can email questions to info@accountingcommandos.com.
Do you have a good set of business books or were you scribbling your numbers on a few pieces of paper to get your taxes done? If you are a sole proprietor, self employed or a solopreneur you need to listen in today @ 10 am to Answers From The Accounting Commando on the Business Services 4 U LLC Facebook page.
Sheree Meyers White EA was live.
October 14 at 8:24 AM ·
Answers From The Accounting Cpmmando
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.
BIZSVC4U.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
Your Friday tax fact from West Palm Beach based Business Services 4 U LLC.
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.
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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.
BIZSVC4U.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
Tap into your full potential. Wednesday Wisdom from Business Services 4 U LLC
What can I do to keep more money in my pocket at tax time and throughout the year? This has been the most asked question in the last couple of weeks. Listen in for my thoughts...
Don't forget to say "hi" so I know you are watching...
Join me today, here, at 10 am to hear my thoughts on how you can keep more money in your pocket at tax time.
Sheree Meyers White EA was live.
October 21 at 8:37 AM ·
Answers From The Accounting Commando
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.
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Is That Inheritance Taxable?
A little inspiration from Business Services 4 U LLC. Wednesday Wisdom
When should I start saving for retirement? How should I be saving for retirement? How much should I be saving for retirement? Where should I be saving for retirement?
These are all questions we have been getting. Today I will answer all of them as a preview to our radio show airing this Saturday at 12:30pm on 1290 AM WJNO and on wjno.iheart.com.
Say "hi" if you are listening live. Feel free to leave me comments.
See you at 10am for Answers From the Accounting Commando at Business Services 4 U LLC
Sheree Meyers White EA was live.
Yesterday at 8:44 AM ·
Answers From The Accounting Commando
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.
BIZSVC4U.COM
Don't Miss the Opportunity for a Spousal IRA
It's go time! West Palm Beach based Business Services 4 U LLC has some motivation for you today.
Some Wednesday Wisdom from your friends at West Palm Beach based Business Services 4 U LLC
Today's Question: "How can I save money on my taxes?"
Welcome to today's edition of Answers From The Accounting Commando. No one wants to more taxes than they absolutely have to. What are the secrets to lowering your tax liability? Listen in and find out!
Don't forget to say "hi!" so I know you are there. You can always put your questions in the comments or e-mail me at info@accountingcommandos.com
Today's question: "How can I pay less in taxes?
No one wants to pay more than they have to in taxes. Join me at 10 am on the Business Services 4 U LLC Facebook page for the answer.
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.
BIZSVC4U.COM
IRS Releases Inflation Adjustments for 2021
In case you missed last Saturday's edition of the Accounting Commandos...
We talked about Retirement Planning & Investing and how they are viewed differently throughout your life
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Listen to the Accounting Commandos Episode - Retirement Planning & Investing Throughout Your Life on iHeartRadio | iHeartRadio
Here's some motivation for your Monday from Business Services 4 U LLC
Your Friday tax fact from West Palm Beach based Business Services 4 U LLC.
The SBA U.S. Small Business Administration (SBA) has initiated a compliance program to evaluate the good-faith certification that borrowers made on their PPP Borrower Applications related to need for the loans due to economic uncertainty as a result of COVID-19. This program will apply to borrowers whose loans are $2 million or more.
BIZSVC4U.COM
SBA Questioning PPP Borrowers with Loans Over $2 Million
Tap into your full potential. Wednesday Wisdom from Business Services 4 U LLC
Did you ever wonder what the difference is between a Tax Planner, a Financial Planner, and a Financial Advisor? Listen to find out.
Don't forget to say "hi" so I know you are watching!
Tune in at 10 am to find out why it is most important to plan now.
Sheree Meyers White EA was live.
November 11 at 9:24 AM ·
What is the difference between a Tan Planner, a Financial Planner and a Financial Advisor? Find out at 10 am with Answers From The Accounting Commando.
The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment.
BIZSVC4U.COM
Beware of New Text Scam Related to Stimulus Payments
Did you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail? First step: Contact our office. Second step: Don't panic. We'll help you through the whole process.
BIZSVC4U.COM
What Happens if I Receive an IRS CP2000 Notice?
Business Services 4 U LLC has a fun tax fact to share with you.
It is a common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a low fair market value, it would be treated as a de minimis fringe benefit. As such, it would be tax-free to the employee, and its cost is tax deductible by the employer.
BIZSVC4U.COM
Employee Holiday Gifts May Be Taxable
A little inspiration from Business Services 4 U LLC. Wednesday Wisdom
3 Tax Planning tips you can use now to potentially save money on your taxes for 2020 and in the future.
I can be reached at 561-376-2564 by phone or text or at info@accountingcommandos.com
10 am today for Answers From The Accounting Commando. Get a couple of tax planning ideas you could use before the end to help reduce taxes for 2020 and beyond.
Sheree Meyers White EA was live.
November 18 at 9:13 AM ·
Answers From The Accounting Commando
Some Wednesday Wisdom from your friends at West Palm Beach based Business Services 4 U LLC
Are you working from home? Do you know how working from home impacts your taxes? Will you be working from home in 2021? Listen in for some actionable information that could impact your bottom line.
Don't forget to say "hi" when you watch - live or in the replay. I love to know who is out there.
On Wednesday's Facebook Live I'll be talking about the tax implications of working from home. What about that home office you set up when you were sent home to work? How about other expenses you are incurring? Find out at 10 am.
Sheree Meyers White EA was live.
November 24 at 5:38 PM ·
The Accounting Commando Here
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important to resume savings as quickly as financially possible. Still others have simply been ignoring the need to save for their retirement, which can have an unpleasant result when it comes time to retire. Many tax-benefitting retirement options are available.
BIZSVC4U.COM
Don't Fall Behind in Saving for Retirement
Small business owners: as we inch closer to the end of the year, it's a great time to be thinking about tax planning strategies for your business. Here are some ideas that can be beneficial at any time of year.
BIZSVC4U.COM
Preparing for 2021: Tax Planning Strategies for Small Business Owners
A little inspiration from Business Services 4 U LLC to start your week.
Tap into your full potential. Wednesday Wisdom from Business Services 4 U LLC
When is a W-2 employee also considered self-employed for the same job and what does that mean to the employee? That is today's question.
Your questions and comments are always welcome. You can e-mail your questions to info@accountingcommandos.com or leave them in the comments.
Don;t forget to say "hi"!
When is a W-2 employee also considered self-employed for the same job and what does that mean to the employee? That is today's question in Answers From The Accounting Commando. Tune in at 10 am to find out.
Sheree Meyers White EA was live — at Business Services 4 U LLC.
21 hrs · West Palm Beach, FL ·
Answers From The Accounting Commando
The holiday season is customarily a time to give gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits but be on the lookout for holiday gift-giving scammers.
BIZSVC4U.COM
Year-End Gift Giving with Tax Benefits
Business Services 4 U LLC - Some Monday Motivation for our friends and colleagues.
The U.S. Small Business Administration (SBA) has initiated a compliance program to evaluate PPP borrowers whose loans are $2 million or more. Watch this video for more info on how your business can be better prepared.
It seems hard to believe, but the holiday season is almost upon us, and that means that the tax preparation season for 2020 returns will soon follow. With the end of the tax year just weeks away, it may be appropriate (especially this year, in light of the financial havoc created by COVID-19) to review some year-end tax issues that might reduce your tax bite for 2020 or provide long-term tax benefits.
BIZSVC4U.COM
Tax Issues to Be Aware of as Year-end Approaches
If you know how to use it, advertising on Facebook can be cost-effective. This is your LAST CHANCE to register for this FREE training. All attendees will receive the recording at no additional charge.
EVENTBRITE.COM
Facebook Advertising for $UCCE$$
Sheree Meyers White EA shared a link to the group: Onward & Upward Virtual Networking for Business.
December 3 at 8:02 AM ·
Join us for Facebook Advertising for $UCCE$$ and learn more about Facebook advertising. You must pre-register to receive your unique access to Zoom for this event.
Sheree Meyers White EA shared a link to the group: Onward & Upward Virtual Networking for Business.
December 3 at 8:02 AM ·
Join us for Facebook Advertising for $UCCE$$ and learn more about Facebook advertising. You must pre-register to receive your unique access to Zoom for this event.
Many people are neglecting their retirement savings or simply planning for their Social Security income to take care of their needs. To encourage better preparation for retirement, tax laws offer a variety of tax incentives for retirement savings plans. Watch this video for an overview of the options.
A little inspiration from Business Services 4 U LLC to start your week.
If you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each of them a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses.
BIZSVC4U.COM
Your Annual Reminder to File Worker 1099s
Join us for Facebook Advertising for $UCCE$$ and learn more about Facebook advertising.
EVENTBRITE.COM
Facebook Advertising for $UCCE$$
Looking for a sign? Here's your Monday Motivation from West Palm Beach based Business Services 4 U LLC
If you sold your home this year or might do so in the near future, you should be aware of the many tax-related issues that could apply to that sale so that you will be prepared at tax time and not have to deal with unpleasant surprises.
BIZSVC4U.COM
Sold or Thinking of Selling Your Home?
Gambling is a recreational activity enjoyed by individuals. Nevertheless, there are far more tax issues related to gambling than you might expect. Watch this video for a quick overview.
Get inspired. Some Wednesday Wisdom from West Palm Beach based Business Services 4 U LLC
Do you know what kinds of things should be part of your year-end planning? The answer depends on whether you talking about personal year-end planning or business year-end planning. I will be addressing both.
Don't forget to say "hi" and all questions are always welcome!
This is our annual reminder for you to file worker 1099s if you use workers other than employees to perform services for your business. Furthermore, there are some significant changes that you should know about this year.
Employee or independent contractor? This distinction decides whether your business issues a W-2 or 1099-NEC form to a specific wage earner. Here's everything you need to know about these forms and your annual wage reports.
BIZSVC4U.COM
W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
Here's your tax fact of the week from your friends at Business Services 4 U LLC.
Unless a taxpayer qualifies for an exception, distributions from a traditional IRA are both taxable and subject to a 10% early withdrawal penalty. After reaching age 72, a taxpayer must begin taking minimum required distributions or they are subject to a 50% under-distribution penalty.
BIZSVC4U.COM
IRA Withdrawal Planning Can Save on Taxes
Wednesday Wisdom and Business Services 4 U LLC = Success
Have you received your entire Recovery Rebate or Economic Impact Payment? If not what can you do about it? If you received too much will you have to pay any back? Join me for the answers to these and other questions.
Don't forget t say "hi"!
Midweek Wednesday Wisdom from Business Services 4 U LLC
After months of political bickering, Congress is finally passing a new COVID relief bill. Watch this video for a summary of what you can expect from this relief package.
Do you know what's in the latest round of Coronavirus Relief legislation and how you will be impacted? I'll provide some highlights ...
For low- and moderate-income workers, the saver's credit can be used to offset part of the first $2,000 workers can voluntarily contribute to an IRA or their employer's qualified retirement plan. It helps individuals who don't normally have the resources to set money aside for retirement and is available in addition to the other tax benefits associated with retirement plan contributions.
BIZSVC4U.COM
Saver's Credit Can Help You Save for Retirement
This is our annual reminder for you to file worker 1099s if you use workers other than employees to perform services for your business.
BIZSVC4U.COM
Video: Annual Reminder to File Your Worker 1099s
Congress has reached an agreement on an emergency coronavirus relief bill which provides additional stimulus payments, extends unemployment benefits and provides another round of forgivable PPP Loans for small businesses.
BIZSVC4U.COM
Help Is on the Way - Emergency Coronavirus Relief Agreement Reached
Get inspired. Some Wednesday Wisdom from West Palm Beach based Business Services 4 U LLC
Stimulus Checks could already be in your bank account! What else is in the legislation that President Trump signed on Sunday?
Many individuals are taking advantage of the historically low home-loan interest rates to buy their first home, sell their existing home to move up to a more expensive one, or refinance their existing mortgage. Some who currently own their homes free and clear are even taking out loans to lock in the low interest rates.
BIZSVC4U.COM
What Are the Tax Advantages of Home Ownership?
After several months of the Republicans and Democrats bickering, they have finally passed COVID-related tax relief and the President has signed the bill.
BIZSVC4U.COM
Finally, The COVID Relief Package Is Law
Business Services 4 U LLC has the motivation you need to get going this Monday.
Midweek Wednesday Wisdom from Business Services 4 U LLC
Great news for 2021 and 2022 only. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 allows businesses to deduct 100%, instead of just 50%, of business meal expenses meeting certain requirements.
BIZSVC4U.COM
Increased Business Meal Deductions for 2021 and 2022
Are you planning to buy your first home, upgrade from your existing one, or refinance your mortgage? Let's take a look at some tax advantages and drawbacks of homeownership.
Tap into your full potential. Wednesday Wisdom from Business Services 4 U LLC
Do you know if your tax person is really qualified to do your taxes? Learn the difference between a tax preparer and a tax professional. This information is so important this year with all the new COVID relief legislation.
Don't forget to say "hi" if you are watching live and you can drop your questions in the comments any time.
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. However, you may find it in your best interest to keep track of actual expenses for 2021.
BIZSVC4U.COM
2021 Standard Mileage Rates Announced
Here's some motivation for your Monday from Business Services 4 U LLC
A little inspiration from Business Services 4 U LLC. Wednesday Wisdom
Sheree Meyers White EA
17 hrs ·
I'm right in the middle of continuing education and will need to change the time of tomorrow's Facebook Live. Not sure what time I'll be on tomorrow but I do know I will have lots of great information to share. If you miss me Live, you could always pick me up on replay. You will find me on the Business Services 4 U LLC Facebook page.
I'm right in the middle of continuing education and will need to change the time of tomorrow's Facebook Live. Not sure what time I'll be on tomorrow but I do know I will have lots of great information to share. If you miss me Live, you could always pick me up on replay. You will find me on the Business Services 4 U LLC Facebook page.
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
BIZSVC4U.COM
Charitable Contributions Deduction Liberalized for 2021
It's go time! West Palm Beach based Business Services 4 U LLC has some motivation for you today.
COVID-19 has touched nearly every aspect of the lives of every American, including our financial health. There will be some tax implications that many people have not considered. Watch the following video for some possible tax consequences so you can be prepared when tax time comes.
For those who love learning: here's a tax fact from Business Services 4 U LLC.
Business Services 4 U LLC - Some Monday Motivation for our friends and colleagues.
Congress has authorized a second draw for PPP loans. Watch this video for a short overview of what you can expect.
Breaking: The IRS is delaying the beginning of the 2020 tax season to February 12, 2021
CNBC.COM
IRS delays start of tax filing season to Feb. 12
Business Services 4 U LLC - Some Friday tax knowledge for our friends and colleagues.
Congress has authorized a second PPP loan draw but has generally limited the applicability to small businesses with 300 employees or fewer that suffered a 25% or more reduction in gross revenue during any quarter in 2020.
BIZSVC4U.COM
Congress Has Authorized a Second Round of PPP Loans
Have you gotten your second round of Economic Impact Payment yet? Did you get your full amount the first time around? If you answered NO to either or both of these questions I've got information for you.
December's COVID Tax Relief Act provided more than extended unemployment relief and stimulus payments. See a summary of the benefits and if any of them applies to you.
Here's your tax fact of the week from your friends at Business Services 4 U LLC.
IRS opens up the use of ID verification tax filing numbers to taxpayers nationwide as a means of protection against filing fraud. These numbers must be applied for and identities verified before issuance.
BIZSVC4U.COM
IRS Offers New Identity Protection for Taxpayers
Wednesday Wisdom and Business Services 4 U LLC = Success
Paycheck Protect Program Loans are available again. Find out if your might be eligible. Also news on loan forgiveness.
Questions about Round 2 of the PPP Loan? Did you miss getting money during the first round? Tune in here at our new time - 10:30 am.
Sheree Meyers White EA was live — at Business Services 4 U LLC.
January 20 at 8:53 AM · West Palm Beach, FL ·
Answers From The Accounting Commandos
Here are the business tax due dates for February 2021.
BIZSVC4U.COM
February 2021 Business Due Dates
Here are the February 2021 individual tax due dates:
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February 2021 Individual Due Dates
Here is a fun fact for your Friday from Business Services 4 U LLC.
Between 2010 and 2018, about 0.6% of individual tax returns resulted in an audit (that's about 250,000 taxpayers). Here are some of the red flags that could cause the IRS to audit your tax return.
BIZSVC4U.COM
Beware: These Tax Return Red Flags Could Catch the Eye of the IRS
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. These items can save you a significant amount of taxes.
BIZSVC4U.COM
Obscure and Overlooked Tax Deductions, Credits, and Benefits
Get inspired. Some Wednesday Wisdom from West Palm Beach based Business Services 4 U LLC
Business Services 4 U LLC - Some Friday tax knowledge for our friends and colleagues.
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
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Day Trader Rules and Tax Treatment
Wednesday Wisdom from your friends at Business Services 4 U LLC
Did you know that you may be able to take advantage of the PPP and the Employee Retention Credit? Join me to learn more.
Feel free to ask questions and say "hi".
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
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Tax Relief for Victims of 2020 Natural Disasters
Get ready for the week: Business Services 4 U LLC has motivation for your Monday.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
BIZSVC4U.COM
Employee Retention Credit Extended
Tap into your full potential. Wednesday Wisdom from Business Services 4 U LLC
Want to avoid the common costly errors listed below? Take the IRS's advice and use an Enrolled Agent. At Business Services 4 U LLC, all our tax professionals are credentialed Enrolled Agents. We are ready to help.
You can reach us via e-mail at info@accountingcommandos.com or via phone/text/fax at 561-376-2564.
IRS.GOV
Common and costly errors taxpayers should avoid when preparing a tax return | Internal Revenue Service
Home Office Deduction. Can you take it for 2020 if you moved your business back into your house? The answer is: it depends. Listen in to find out what it depends on.
Post your questions in the comments or e-mail me at info@accountingcommandos.com.
Don't forget to say "hi"!
Answers From The Accounting Commando
The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.
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Interaction between PPP Loans and the Employee Retention Credit
Here are the March 2021 individual tax due dates:
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March 2021 Individual Due Dates
The COVID-19 pandemic has continued to batter the economy, and one indicator of the struggle is the potential mortgage crisis: About 5 million Americans were unable to make their rent or mortgage payments in December 2020. Here's the latest info.
BIZSVC4U.COM
The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020
Wednesday Wisdom from your friends at Business Services 4 U LLC
Is the person who does your taxes qualified to do your taxes? How do you know? Have you asked my favorite question which is "when was the last time you took continuing education in taxation?"
You can put your questions in the Comments and don't forget to say "hi!"
The federal credit for the purchase and installation costs of a residential solar-power system has been extended for two years through 2023.
BIZSVC4U.COM
Solar Tax Credit Extended for Two Years
Start your week on the right foot with Monday Motivation from Business Services 4 U LLC
Money raised from online crowdfunding sites for purposes other than business is generally treated as a nontaxable gift if the contribution is made with detached generosity, but this can raise some unexpected gift tax issues. Raising money for business endeavors is generally governed by the U.S. Securities and Exchange Commission Rules, and the tax issues depend on what the contributor receives in return.
BIZSVC4U.COM
Tax Consequences of Crowdfunding
Business Services 4 U LLC - Some Monday Motivation for our friends and colleagues.
Congress put a halt on the RMD for the traditional IRA in 2020 in response to the Pandemic. However, the RMD will be resumed in 2021 and subsequent years.
Before deciding to get involved in a joint venture, business owners need to carefully assess how they plan to proceed. Here's a breakdown of what a joint venture really is.
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What Is a Joint Venture?
According to the Department of Labor, $36-$63 billion in improper unemployment payments have been made during the pandemic. If you receive a 1099-G for benefits you didn't receive, you may be a victim of fraud. Here's what to do.
BIZSVC4U.COM
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
Business Services 4 U LLC has a fun tax fact to share with you.
Congress came up with a special way to calculate the EITC and the child tax credit for 2020 that may be very beneficial for taxpayers whose income from working declined in 2020.
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Special Rules Apply to 2020 EITC and Child Credit
Some insider tax knowledge from Business Services 4 U LLC.
Mom and pop businesses with fewer than 20 employees are given a 2-week exclusive application period for PPP Loans.
BIZSVC4U.COM
Mom & Pop Businesses Move to Front of the Line for PPP Loans
Wednesday Wisdom from your friends at Business Services 4 U LLC
Paycheck Protection Program Changes that are designed to help smaller businesses. What are they?
Post your questions in the comments or e-mail me at info@accountingcommandos.com
Don't forget to say "hi" if you are watching!
Money raised from online crowdfunding sites for purposes other than business is generally treated as a nontaxable gift if the contribution is made with detached generosity, but this can raise some unexpected gift tax issues. Raising money for business endeavors is generally governed by the U.S. Securities and Exchange Commission Rules, and the tax issues depend on what the contributor receives in return.
BIZSVC4U.COM
Tax Consequences of Crowdfunding
End of week tax fact from Business Services 4 U LLC
Where is your tax home? A recent case heard by the Tax Court called into question how to qualify one's tax home. "The calculation that will count the most will not be based on where you pay rent or a mortgage, but instead how much time you spend in each location and how much income you generate while you're there."
BIZSVC4U.COM
Tax Court Decision Holds Potential Impact for Travel Deductions
Filing status is determined on the last day of the year and most often is based on marital status. Single and Married Filing Jointly are the most common, but there are others.
BIZSVC4U.COM
Understanding Tax-Filing Status
Here is some midweek Wednesday Wisdom inspiration from your friends at Business Services 4 U LLC
Should it matter to you what kind of credentials your tax preparer has? Do you need a tax professional and what is the difference between the 2?
Required minimum distributions (RMDs) were suspended in 2020 due to the COVID-19 outbreak. However, barring any future extension of the suspension, RMDs will resume in 2021.
BIZSVC4U.COM
Required Minimum IRA Distributions Will Resume in 2021
Business Services 4 U LLC - Some Friday tax knowledge for our friends and colleagues.
With the passage of the American Rescue Plan Act, Congress has substantially increased the child tax credit for 2021 and directed the IRS to establish an advance payment program for the last 6 months of the year.
BIZSVC4U.COM
Big Increase in Child Tax Credit For 2021
In many cases, workers are receiving unemployment benefits for the first time, and they may not be aware of how those benefits are taxed for federal purposes, as well as by most states.
BIZSVC4U.COM
Are Your Unemployment Benefits Taxable?
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment. This is one of several government measures intended to help financially stressed citizens.
BIZSVC4U.COM
It's Official! Another Round of Stimulus Payments Approved by Congress
Wednesday Wisdom and Business Services 4 U LLC = Success
Tax reform brought good news and bad news regarding the home-office deduction. The good news is that it is still allowed for self-employed taxpayers, but the bad news is that it is currently not available for employees even when they are required to work from home during the COVID pandemic.
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Working from Home? Is there a Tax Deduction?
Great news if you are paying childcare expenses that enable you to work. As part of President Biden's American Rescue Plan Act, the child and dependent care tax credit has been substantially increased for 2021.
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Great News, Child Care Tax Credit Expanded for 2021
Wednesday Wisdom and Business Services 4 U LLC = Success
Tax season is here. What if you end up owing tax to the IRS and can't pay them immediately? This video will discuss a few options to consider when you don't have the funds to pay all of your tax liability.
The recently passed American Rescue Plan Act (ARPA) includes a provision for the federal government to pick up the cost of COBRA health coverage for employees' involuntary termination of their employment or reduction of hours subject to certain qualifications.
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Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage
With the recently passed American Rescue Plan, the child tax credit has been expanded for one year, 2021. The plan also provides a new twist: an advanced payment option for this year only. Watch this video for details.
Rover.com was founded a decade ago at Seattle's Startup Weekend event, and the company has been wildly successful ever since. Here's the full story of how this pet care website came to be.
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The Inspiring Story of the Team Behind Rover.com
Once you've made the decision to create an employee stock option plan, there's a lot of important work to be done before giving an agreement to each employee. Here's a full breakdown.
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Tips for Creating an Employee Stock Option Plan
Here are the April 2021 individual tax due dates:
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April 2021 Individual Due Dates
Thieves use taxpayers' natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account numbers, passwords and other personal data. They are clever and are always coming up with new and unique schemes to trick you.
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Don't Be A Victim to IRS-Impersonating Scammers
Professional video gamers can operate extremely lucrative businesses, making money from esports tournaments, endorsement deals, ad revenue, and much more. But they also need to think about what gaming means for their taxes, budgeting, and financial planning. Here's a rundown of all the important considerations.
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5 Tips for Operating a Successful Gaming Business
Set yourself up for success with Monday Motivation from Business Services 4 U LLC
Business Services 4 U LLC has a fun tax fact to share with you.
