Learn about taxes from your friends at South Jordan based Curth Wagner & Associates LLC.
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.
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Solar Tax Credit is Sunsetting Soon
Wednesday Wisdom from your friends at Curth Wagner & Associates LLC
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.
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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.
Curth Wagner & Associates LLC - Some Monday Motivation for our friends and colleagues.
Here's your tax fact of the week from your friends at Curth Wagner & Associates 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
Some Wednesday Wisdom from your friends at South Jordan based Curth Wagner & Associates LLC
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
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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.
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Is a Living Trust Appropriate for You?
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Learn about taxes from your friends at South Jordan based Curth Wagner & Associates LLC.
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
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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.
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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.
Curth Wagner & Associates LLC has the motivation you need to get going this Monday.
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?
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What Happens if I Missed the October 15th Tax Extension Deadline?
Here is a fun fact for your Friday from Curth Wagner & Associates 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.
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Don't Miss Out on Year-End Tax-Planning Opportunities
It matters how you get there. Wednesday Wisdom from Curth Wagner & Associates LLC
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.
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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.
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Is That Inheritance Taxable?
Wednesday Wisdom from your friends at Curth Wagner & Associates LLC
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.
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Don't Miss the Opportunity for a Spousal IRA
Looking for a sign? Here's your Monday Motivation from South Jordan based Curth Wagner & Associates LLC
Wednesday Wisdom from your friends at Curth Wagner & Associates LLC
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.
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IRS Releases Inflation Adjustments for 2021
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Let's get the weekend started. Friday from Curth Wagner & Associates LLC
Your Friday tax fact from South Jordan based Curth Wagner & Associates 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.
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SBA Questioning PPP Borrowers with Loans Over $2 Million
Transform your life. Wednesday Wisdom from Curth Wagner & Associates LLC
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.
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Beware of New Text Scam Related to Stimulus Payments
Curth Wagner & Associates LLC has the motivation you need to get going this Monday.
Curth Wagner & Associates LLC - Some Friday tax knowledge for our friends and colleagues.
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.
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What Happens if I Receive an IRS CP2000 Notice?
End of week tax fact from Curth Wagner & Associates LLC
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.
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Employee Holiday Gifts May Be Taxable
Here is some midweek Wednesday Wisdom inspiration from your friends at Curth Wagner & Associates LLC
If you plan to start a new business, there are a number of decisions and possible elections you can make that will influence what form of business you select and how you decide to deduct costs. These choices can affect the tax outcome of your business for years to come.
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New Business? Tax Issues to Consider
An individual must have compensation in order to contribute to an IRA. However, a non-working or low-earning spouse is allowed to contribute to his or her own IRA based upon the compensation of the working spouse. Watch this video to learn more.
Some Wednesday Wisdom from your friends at South Jordan based Curth Wagner & Associates LLC
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.
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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.
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Preparing for 2021: Tax Planning Strategies for Small Business Owners
It's go time! South Jordan based Curth Wagner & Associates LLC has some motivation for you today.
We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Let's Make A Deal, and we love to have the contestants win big. Unfortunately, those winnings are taxable on the contestant's state and federal tax returns. See what can happen by watching this video.
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.
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Your Annual Reminder to File Worker 1099s
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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.
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Year-End Gift Giving with Tax Benefits
Start your week on the right foot with Monday Motivation from Curth Wagner & Associates LLC
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.
Some insider tax knowledge from Curth Wagner & Associates LLC.
Get inspired. Some Wednesday Wisdom from South Jordan based Curth Wagner & Associates LLC
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.
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Year-End Gift Giving with Tax Benefits
Start your week on the right foot with Monday Motivation from Curth Wagner & Associates LLC
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.
Some insider tax knowledge from Curth Wagner & Associates LLC.
Get inspired. Some Wednesday Wisdom from South Jordan based Curth Wagner & Associates LLC
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.
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Year-End Gift Giving with Tax Benefits
Start your week on the right foot with Monday Motivation from Curth Wagner & Associates LLC
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.
Some insider tax knowledge from Curth Wagner & Associates LLC.
Start your week on the right foot with Monday Motivation from Curth Wagner & Associates LLC
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.
Get inspired. Some Wednesday Wisdom from South Jordan based Curth Wagner & Associates LLC
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.
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Year-End Gift Giving with Tax Benefits
Start your week on the right foot with Monday Motivation from Curth Wagner & Associates LLC
Tap into your full potential. Wednesday Wisdom from Curth Wagner & Associates 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.
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.
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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.
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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.
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Help Is on the Way - Emergency Coronavirus Relief Agreement Reached
Start your week on the right foot with Monday Motivation from Curth Wagner & Associates LLC
Some Wednesday Wisdom from your friends at South Jordan based Curth Wagner & Associates LLC
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.
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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.
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Finally, The COVID Relief Package Is Law
Set yourself up for success with Monday Motivation from Curth Wagner & Associates LLC
Tap into your full potential. Wednesday Wisdom from Curth Wagner & Associates 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.
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.
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.
Here is some midweek Wednesday Wisdom inspiration from your friends at
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.
Looking for a sign? Here's your Monday Motivation from based
Some Wednesday Wisdom from your friends at South Jordan based Curth Wagner & Associates LLC
It matters how you get there. Wednesday Wisdom from Curth Wagner & Associates LLC
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
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Charitable Contributions Deduction Liberalized for 2021
It's go time! South Jordan based Curth Wagner & Associates 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.
Your Friday tax fact from South Jordan based Curth Wagner & Associates 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.
President-Elect Biden released his "American Rescue Plan" on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis.
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How Biden's Rescue Plan Might Impact Your Taxes
Set yourself up for success with Monday Motivation from Curth Wagner & Associates LLC
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
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IRS delays start of tax filing season to Feb. 12
Here is a fun fact for your Friday from Curth Wagner & Associates LLC.
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.
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Congress Has Authorized a Second Round of PPP Loans
It's go time! South Jordan based Curth Wagner & Associates LLC has some motivation for you today.
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.
Learn about taxes from your friends at South Jordan based Curth Wagner & Associates 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.
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IRS Offers New Identity Protection for Taxpayers
Tap into your full potential. Wednesday Wisdom from Curth Wagner & Associates LLC
President-Elect Biden released his "American Rescue Plan" on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis.
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How Biden's Rescue Plan Might Impact Your Taxes
Here are the business tax due dates for February 2021.
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February 2021 Business Due Dates
Here are the February 2021 individual tax due dates:
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February 2021 Individual Due Dates
Let's get the weekend started. Friday from Curth Wagner & Associates 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.
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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.
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Obscure and Overlooked Tax Deductions, Credits, and Benefits
Here is some midweek Wednesday Wisdom inspiration from your friends at Curth Wagner & Associates LLC
Some insider tax knowledge from Curth Wagner & Associates LLC.
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
Get inspired. Some Wednesday Wisdom from South Jordan based Curth Wagner & Associates LLC
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
Looking for a sign? Here's your Monday Motivation from South Jordan based Curth Wagner & Associates LLC
Here are the business tax due dates for February 2021.
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February 2021 Business Due Dates
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
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Employee Retention Credit Extended
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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's some motivation for your Monday from Curth Wagner & Associates LLC
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
Some insider tax knowledge from Curth Wagner & Associates LLC.
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.
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The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020
Some Wednesday Wisdom from your friends at South Jordan based Curth Wagner & Associates LLC
The federal credit for the purchase and installation costs of a residential solar-power system has been extended for two years through 2023.
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Solar Tax Credit Extended for Two Years
Curth Wagner & Associates LLC - Some Monday Motivation for our friends and colleagues.
The Consolidated Appropriations Act, 2021 liberalized the interaction between PPP loans and the Employee Retention Credit. Watch this video to learn more.
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.
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Tax Consequences of Crowdfunding
Curth Wagner & Associates LLC has the motivation you need to get going this Monday.
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.
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Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
End of week tax fact from Curth Wagner & Associates LLC
Curth Wagner & Associates LLC - Some Monday Motivation for our friends and colleagues.
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
For those who love learning: here's a tax fact from Curth Wagner & Associates LLC.
Mom and pop businesses with fewer than 20 employees are given a 2-week exclusive application period for PPP Loans.
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Mom & Pop Businesses Move to Front of the Line for PPP Loans
Tap into your full potential. Wednesday Wisdom from Curth Wagner & Associates 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.
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Tax Consequences of Crowdfunding
Your Friday tax fact from South Jordan based Curth Wagner & Associates 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."
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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.
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Understanding Tax-Filing Status
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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.
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Required Minimum IRA Distributions Will Resume in 2021
Because of the pandemic, the people who normally rely on the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) to make ends meet are adversely affected. To assist them, Congress came up with a special way to calculate the two credits for 2020.
End of week tax fact from Curth Wagner & Associates LLC
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.
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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.
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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.
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It's Official! Another Round of Stimulus Payments Approved by Congress
A little inspiration from Curth Wagner & Associates LLC. Wednesday Wisdom
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?
The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021, to May 17, 2021, but with some limitations.
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IRS Extends Individual Return Filing Date
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
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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.
Here are the April 2021 business due date reminders:
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April 2021 Business Due Dates
Tap into your full potential. Wednesday Wisdom from Curth Wagner & Associates LLC
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
