Guardian Tax Solutions Inc. - Some Friday tax knowledge for our friends and colleagues.
The House of Representatives passed a $2.2 trillion coronavirus stimulus plan on Thursday night, even while Democrats and the Trump administration struggle to strike a relief deal.
CNBC.COM
House passes $2.2 trillion Democratic coronavirus stimulus bill
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.
GUARDIANTAXSOLUTIONS.COM
Solar Tax Credit is Sunsetting Soon
This is how much the average amount Americans pay in federal income taxes, broken down by income level.
BUSINESSINSIDER.COM
The average amount Americans pay in federal income taxes, by income level
A little inspiration from Guardian Tax Solutions Inc.. Wednesday Wisdom
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
Need some inspiration? This "Survivors & Thrivers" list of small-business standouts amid the COVID-19 pandemic is sure to give you hope for our country's economic future.
FORBES.COM
Survivors & Thrivers
Weaker-than-expected job growth in September "sent a signal that the sharp economic recovery off the coronavirus shutdown may be hitting a wall."
CNBC.COM
'Massively concerning' jobs report sends a signal that the economic recovery could be fading
The stimulus yo-yo continues in Washington. Here's the latest.
CNBC.COM
Pelosi, Mnuchin speak about broad stimulus bill as White House sends mixed signals
Here is a fun fact for your Friday from Guardian Tax Solutions Inc..
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.
GUARDIANTAXSOLUTIONS.COM
Gambling and Tax Gotchas
As the pandemic lingers, here are 4 ways you can help your employees focus on what they can control and feel safe returning to work.
FASTCOMPANY.COM
4 ways to help employees feel safe when returning to work
According to a new report, "45% of small businesses have stated that they have earned less than half of their Pre-COVID revenue."
SMALLBIZTRENDS.COM
45% of Small Businesses Have Earned Half or Less of Their Pre-COVID Revenue During Pandemic - Small Business Trends
The SBA issued new guidance last week allowing borrowers with PPP loans of $50,000 or less "to self-certify they used the money appropriately and receive complete forgiveness."
FORBES.COM
SBA Easing Forgiveness Of Paycheck Protection Program Loans Of $50,000 Or Less
Guardian Tax Solutions Inc. - Some Friday tax knowledge for our friends and colleagues.
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.
GUARDIANTAXSOLUTIONS.COM
There is More to Deducting Health Insurance than Meets the Eye
Calling all tax procrastinators: your time has come! The October 15th tax extension deadline is TOMORROW. Here's what will happen if you miss it.
FASTCOMPANY.COM
What happens if you miss the October 15 tax extension deadline?
Wednesday Wisdom from your friends at Guardian Tax Solutions Inc.
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?
End of week tax fact from Guardian Tax Solutions Inc.
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
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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?
"Anticipated spending on holiday gifts is expected to drop significantly this year amid a retail slump due to the coronavirus pandemic," a Gallup poll found.
THEHILL.COM
Holiday spending estimates lowest in four years: poll
Tap into your full potential. Wednesday Wisdom from Guardian Tax Solutions Inc.
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 back at all that's happened since the start of the pandemic, it's clear that tech has played a pivotal role. Here are 3 ways digital strategies transformed businesses during COVID-19.
FASTCOMPANY.COM
3 top executives discuss how tech transformed business during COVID-19
Make your Monday great with this motivation from Guardian Tax Solutions Inc.
The IRS has announced it is "expanding taxpayer options for making payments and alternatives to resolve balances owed" for those impacted by COVID-19.
FORBES.COM
IRS Will Expand Resolution Options To Help With Tax Bills During Covid
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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
After pausing due to COVID-19, the IRS has announced that it will resume issuing certain balance due notices - the 500 series - to taxpayers.
FORBES.COM
IRS Says It Will Resume Sending Out Balance Due Notices To Taxpayers
Guardian Tax Solutions Inc. has the motivation you need to get going this Monday.
Is it possible to start a business with no money? Technically, yes - but there are some important points to keep in mind. Learn more:
ENTREPRENEUR.COM
Starting a Business With No Money? Here's How to Do It.
November is National Entrepreneurship Month, and it's a great opportunity for business owners to celebrate and reflect on the past year. Here are four things to keep in mind.
FORBES.COM
4 Things To Keep In Mind During National Entrepreneurship Month
Should working from home be taxed? According to this analysis, perhaps. Learn more:
MARKETWATCH.COM
Should working from home be taxed?
For those who love learning: here's a tax fact from Guardian Tax Solutions Inc..
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.
GUARDIANTAXSOLUTIONS.COM
SBA Questioning PPP Borrowers with Loans Over $2 Million
The IRS is reminding qualified college students that it's not too late to register for a stimulus check, but the deadline - November 21st - is fast approaching.
FORBES.COM
IRS To College Students: It’s Not Too Late To Register For A Stimulus Check
It matters how you get there. Wednesday Wisdom from Guardian Tax Solutions Inc.
They might not be the "prettiest" animal, but camels are built to last. They evolved to be resilient and make the perfect metaphor for entrepreneurship in the current economy. Here's how to think like a camel for your business.
ENTREPRENEUR.COM
Consider the Camel: 3 Ways to Build a Resilient Business
The economic impact payments are a credit on your 2020 tax return. However, Congress mandated that the payments be made in advance, based on the prior year's tax return information, to provide financial assistance to individuals and families struggling during the initial outbreak of COVID-19. Needless to say, this created confusion as to who qualified for the payments, leading to errors and omissions.
GUARDIANTAXSOLUTIONS.COM
Didn't Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
Make your Monday great with this motivation from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
Help Is on the Way - Emergency Coronavirus Relief Agreement Reached
Here's some motivation for your Monday from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
Some insider tax knowledge from Guardian Tax Solutions Inc..
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.
GUARDIANTAXSOLUTIONS.COM
IRA Withdrawal Planning Can Save on Taxes
Tap into your full potential. Wednesday Wisdom from Guardian Tax Solutions Inc.
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
It matters how you get there. Wednesday Wisdom from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.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.
GUARDIANTAXSOLUTIONS.COM
Finally, The COVID Relief Package Is Law
Start your week on the right foot with Monday Motivation from Guardian Tax Solutions Inc.
Tap into your full potential. Wednesday Wisdom from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.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.
Some Wednesday Wisdom from your friends at Cary based Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
2021 Standard Mileage Rates Announced
Looking for a sign? Here's your Monday Motivation from Cary based Guardian Tax Solutions Inc.
It matters how you get there. Wednesday Wisdom from Guardian Tax Solutions Inc.
Transform your life. Wednesday Wisdom from Guardian Tax Solutions Inc.
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
GUARDIANTAXSOLUTIONS.COM
Charitable Contributions Deduction Liberalized for 2021
Make your Monday great with this motivation from Guardian Tax Solutions Inc.
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.
Let's get the weekend started. Friday from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
Increased Business Meal Deductions for 2021 and 2022
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.
GUARDIANTAXSOLUTIONS.COM
How Biden's Rescue Plan Might Impact Your Taxes
Guardian Tax Solutions Inc. has the motivation you need to get going this Monday.
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
Here's your tax fact of the week from your friends at Guardian Tax Solutions Inc..
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.
GUARDIANTAXSOLUTIONS.COM
Congress Has Authorized a Second Round of PPP Loans
Set yourself up for success with Monday Motivation from Guardian Tax Solutions Inc.
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.
Guardian Tax Solutions Inc. has a fun tax fact to share with you.
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.
GUARDIANTAXSOLUTIONS.COM
IRS Offers New Identity Protection for Taxpayers
Transform your life. Wednesday Wisdom from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
How Biden's Rescue Plan Might Impact Your Taxes
Here are the business tax due dates for February 2021.
GUARDIANTAXSOLUTIONS.COM
February 2021 Business Due Dates
Here are the February 2021 individual tax due dates:
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February 2021 Individual Due Dates
Some insider tax knowledge from Guardian Tax Solutions Inc..
Thank you to one of my clients, Carol, for a great review! You can view this review at: https://www.taxbuzz.com/find-the-best-enrolled-agent/north-carolina/cary/christopher-cherico/reviews
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.
GUARDIANTAXSOLUTIONS.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.
GUARDIANTAXSOLUTIONS.COM
Obscure and Overlooked Tax Deductions, Credits, and Benefits
Some insider tax knowledge from Guardian Tax Solutions Inc..
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.
GUARDIANTAXSOLUTIONS.COM
Day Trader Rules and Tax Treatment
It matters how you get there. Wednesday Wisdom from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
Tax Relief for Victims of 2020 Natural Disasters
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Get ready for the week: Guardian Tax Solutions Inc. has motivation for your Monday.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
GUARDIANTAXSOLUTIONS.COM
Employee Retention Credit Extended
Midweek Wednesday Wisdom from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
Interaction between PPP Loans and the Employee Retention Credit
Get ready for the week: Guardian Tax Solutions Inc. has motivation for your Monday.
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 Guardian Tax Solutions Inc..
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.
GUARDIANTAXSOLUTIONS.COM
The Number of Americans Who Didn't Pay Their Mortgage Hit 5% in December 2020
It matters how you get there. Wednesday Wisdom from Guardian Tax Solutions Inc.
The federal credit for the purchase and installation costs of a residential solar-power system has been extended for two years through 2023.
GUARDIANTAXSOLUTIONS.COM
Solar Tax Credit Extended for Two Years
Here's some motivation for your Monday from Guardian Tax Solutions Inc.
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
Here's some motivation for your Monday from Guardian Tax Solutions Inc.
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.
GUARDIANTAXSOLUTIONS.COM
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.
GUARDIANTAXSOLUTIONS.COM
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
Learn about taxes from your friends at Cary based Guardian Tax Solutions Inc..
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Guardian Tax Solutions Inc. - Some Monday Motivation for our friends and colleagues.
Proud to receive great reviews from happy clients such as Kenya! Thank you for placing your trust in us. You can view this review at: https://www.taxbuzz.com/find-the-best-enrolled-agent/north-carolina/cary/christopher-cherico/reviews
It's always nice to get 5-star reviews from our clients. Thank you again for the kind words. Our #tax and #accounting team are here to deliver nothing but the best service to our clients. You can view this review at: https://www.countingworks.com/professionals/north-carolina/cary/christopher-cherico/reviews
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.
GUARDIANTAXSOLUTIONS.COM
Special Rules Apply to 2020 EITC and Child Credit
For those who love learning: here's a tax fact from Guardian Tax Solutions Inc..
For those who love learning: here's a tax fact from Guardian Tax Solutions Inc..
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."
GUARDIANTAXSOLUTIONS.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.
GUARDIANTAXSOLUTIONS.COM
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.
GUARDIANTAXSOLUTIONS.COM
Required Minimum IRA Distributions Will Resume in 2021
Learn about taxes from your friends at Cary based Guardian Tax Solutions Inc..
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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.
GUARDIANTAXSOLUTIONS.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.
GUARDIANTAXSOLUTIONS.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.
GUARDIANTAXSOLUTIONS.COM
It's Official! Another Round of Stimulus Payments Approved by Congress
Some Wednesday Wisdom from your friends at Cary based Guardian Tax Solutions Inc.
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
Wednesday Wisdom from your friends at Guardian Tax Solutions Inc.
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
Transform your life. Wednesday Wisdom from Guardian Tax Solutions Inc.
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
