When does a tax benefit not become a tax benefit? When you assume you no longer need to keep track of something. This is the case with the home gain exclusion.
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The Lost Art of Tracking Home Improvements - How a tax law makes us sloppy and creates a tax risk
The Velocity Small Business Summit
October 2 at 7:51 AM ·
Come Join Small Business Expert & Velocity Founder J.R. McNair at the Velocity Small Business Summit 2020. Register Here: https://www.eventbrite.com/e/velocity-small-business-summit-2020-tickets-116550494667 #SmallBusiness #SmallBusinessSummit #Virtualconference #founders #smallbusinessconference
All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, however, the IRS can still receive its fair share but not a dollar more. Here's what you need to know.
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Don't Run the Risk of a High Tax Bill! - Know when you should ask for professional help.
Did your paycheck seem a little higher? If so, it could be a tax time bomb.
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Is a Tax Time Bomb Lurking in Your Paycheck?
If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Tuesday, September 15th.
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Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment
Because our tax system is progressive, the next dollar you earn could be taxed at a much higher rate. By shifting taxable income levels from one year to the next, you could potentially pay a lower tax amount in both. Here are six great ideas.
TIPS.RESOURCESFORCLIENTS.COM
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam - Is there a taxable income reduction idea you can use?
The Velocity Small Business Summit
October 9 at 9:52 AM ·
Join us virtually this Thursday, October 29th at The Velocity Small Business Summit 2020 from 10:00 am - 5:00 pm. Register Here: https://tinyurl.com/TheVSBS VSBS is a one-day immersive virtual experience that equips small business owners with the knowledge needed to thrive in an ever-changing business environment. We will have special guests speaking such as: Ryan Millsap (CEO of Blackhall studios: Jumanji, Godzilla, & Venom), Horst Schulze (co-founder of Ritz Carlton), Dana Spinola (founder of fab’rik) and many more! All Tickets are free with online registration and have been sponsored by THRYV. We have limited availability so claim your tickets now while you still can!
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
TIPS.RESOURCESFORCLIENTS.COM
Avoid Name Mismatch Audits
Find out if a tax trap is lurking in your paycheck and what to do with your 401(k) when switching jobs. Also read about business website mistakes and fascinating facts about your favorite fall gourd.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: October 2020
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: October 2020
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
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2021 Social Security Changes Announced
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
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To Amend or Not Amend? - Is it always a good idea to amend your tax return if you find an error?
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
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Tax Savings for Non-Itemizers - Can't itemize? There are still tax breaks for you
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
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Tips to Organize Your Tax Records - Creating order out of chaos
More income is subject to Social Security in 2021 and new benefit amounts have been announced. Plus lots of great ideas to save you, your family and your business money is in this month's letter.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: November 2020
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: November 2020
A little inspiration from Kennesaw CPA to start your week.
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QuickBooks®. Backing You.
Here is a fun fact for your Friday from Kennesaw CPA.
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.
KENNESAWCPA.COM
SBA Questioning PPP Borrowers with Loans Over $2 Million
Tap into your full potential. Wednesday Wisdom from Kennesaw CPA
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
Power of Positivity
Yesterday at 6:58 AM ·
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?
Here's your tax fact of the week from your friends at Kennesaw CPA.
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
Wednesday Wisdom from your friends at Kennesaw CPA
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
For those who love learning: here's a tax fact from Kennesaw CPA.
A little inspiration from Kennesaw CPA. Wednesday Wisdom
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
Here's some motivation for your Monday from Kennesaw CPA
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
Some Wednesday Wisdom from your friends at Kennesaw based Kennesaw CPA
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
Here's some motivation for your Monday from Kennesaw CPA
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.
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.
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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.
Tap into your full potential. Wednesday Wisdom from Kennesaw CPA
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.
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Tax Issues to Be Aware of as Year-end Approaches
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.
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.
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IRA Withdrawal Planning Can Save on Taxes
A little inspiration from Kennesaw CPA. Wednesday Wisdom
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.
KENNESAWCPA.COM
Didn't Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
Kennesaw CPA - Some Monday Motivation for our friends and colleagues.
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 Kennesaw CPA
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.
After several months of the Republicans and Democrats bickering, they have finally passed COVID-related tax relief and the President has signed the bill.
KENNESAWCPA.COM
Finally, The COVID Relief Package Is Law
Get ready for the week: Kennesaw CPA has motivation for your Monday.
Get inspired. Some Wednesday Wisdom from Kennesaw based Kennesaw CPA
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.
KENNESAWCPA.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.
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Video: Annual Reminder to File Your Worker 1099s
Some Wednesday Wisdom from your friends at Kennesaw based Kennesaw CPA
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.
KENNESAWCPA.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.
KENNESAWCPA.COM
Finally, The COVID Relief Package Is Law
Get ready for the week: Kennesaw CPA has motivation for your Monday.
Get inspired. Some Wednesday Wisdom from Kennesaw based Kennesaw CPA
Let's get the weekend started. Friday from Kennesaw CPA
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.
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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 Kennesaw based Kennesaw CPA
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.
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2021 Standard Mileage Rates Announced
A little inspiration from Kennesaw CPA to start your week.
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
Let's get the weekend started. Friday from Kennesaw CPA
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.
KENNESAWCPA.COM
Congress Has Authorized a Second Round of PPP Loans
Midweek Wednesday Wisdom from Kennesaw CPA
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
Here's some motivation for your Monday from Kennesaw CPA
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
A little inspiration from Kennesaw CPA. Wednesday Wisdom
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's some motivation for your Monday from Kennesaw CPA
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
It matters how you get there. Wednesday Wisdom from Kennesaw CPA
PPP loans, payroll tax deferrals, the CARES Act, remote work - all of these are major topics to keep in mind as you file your 2020 business tax return. Here's a full breakdown.
KENNESAWCPA.COM
4 Questions Business Owners Should Consider During the 2020 Tax Season
It's tax time, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax return. The task is never easy, but the effort usually pays off in the extra taxes you save! When you are fully prepared for your appointment, you'll have more time to explore additional deductions and consider a tax plan for the future.
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Tax Time is Around the Corner! Are You Ready?
Get ready for the week: Kennesaw CPA has motivation for your Monday.
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 Kennesaw CPA.
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: Kennesaw CPA has motivation for your Monday.
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
Kennesaw CPA - Some Friday tax knowledge for our friends and colleagues.
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
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.
Here's your tax fact of the week from your friends at Kennesaw CPA.
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.
KENNESAWCPA.COM
Day Trader Rules and Tax Treatment
Get inspired. Some Wednesday Wisdom from Kennesaw based Kennesaw CPA
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.
KENNESAWCPA.COM
Tax Relief for Victims of 2020 Natural Disasters
Get ready for the week: Kennesaw CPA has motivation for your Monday.
Let's get the weekend started. Friday from Kennesaw CPA
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
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Employee Retention Credit Extended
Wednesday Wisdom and Kennesaw CPA = Success
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
Looking for a sign? Here's your Monday Motivation from Kennesaw based Kennesaw CPA
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.
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
Your Friday tax fact from Kennesaw based Kennesaw CPA.
Here are the March 2021 Business due date reminders:
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March 2021 Business Due Dates
Most taxpayers think they have to itemize their deductions to claim them on their tax returns. However, that is not entirely true. There are certain deductions that can be claimed while still using the standard deduction.
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Tax Deductions Without Itemizing
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
Here is some midweek Wednesday Wisdom inspiration from your friends at Kennesaw CPA
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.
KENNESAWCPA.COM
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.
Proud to receive a great review from my client. Thank you, Louis! You can view this review at: https://www.taxbuzz.com/find-the-best-tax-preparer/georgia/kennesaw/lisa-laday-davis/reviews
Make your Monday great with this motivation from Kennesaw CPA
Positive Energy+
September 17, 2020 at 9:28 AM ·
Analyzing overtime costs is an important strategic step in determining when to hire new workers and improve efficiency.
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Analyzing Overtime Costs: A Strategic Step for HR
Get ready for the week: Kennesaw CPA has motivation for your Monday.
Because of the pandemic, many have been forced to work from home for the past year. A frequent question is do they qualify for a special tax deduction for using their home as a workplace?
Some insider tax knowledge from Kennesaw CPA.
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
Kennesaw CPA has a fun tax fact to share with you.
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.
KENNESAWCPA.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.
KENNESAWCPA.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.
KENNESAWCPA.COM
It's Official! Another Round of Stimulus Payments Approved by Congress
Transform your life. Wednesday Wisdom from Kennesaw CPA
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.
KENNESAWCPA.COM
Working from Home? Is there a Tax Deduction?
Let's get the weekend started. Friday from Kennesaw CPA
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.
KENNESAWCPA.COM
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.
KENNESAWCPA.COM
Great News, Child Care Tax Credit Expanded for 2021
Midweek Wednesday Wisdom from Kennesaw CPA
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.
KENNESAWCPA.COM
Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage
Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such purchases.
KENNESAWCPA.COM
You Can Expense Business IT Purchases
Have a genius business idea? Not so fast. Before diving right in, be sure to consider these 3 areas: your audience, your competition, and your financial feasibility.
KENNESAWCPA.COM
How to Evaluate Your Business Idea Before Diving In
Here are the April 2021 business due date reminders:
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April 2021 Business Due Dates
It matters how you get there. Wednesday Wisdom from Kennesaw CPA
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:
KENNESAWCPA.COM
April 2021 Individual Due Dates
