Good news to business owners, you can have up to $10k of tax credit for 2020.
IRS.GOV
IRS: Three new credits are available to many businesses hit by COVID-19 | Internal Revenue Service
***Coronavirus Tax Relief: Tax Deadlines Extended to July 15, 2020***
Including Nonprofits, tax filing and payment deadlines from April 1, 2020, to July 14, 2020, are extended to July 15, 2020. These extensions are automatic and apply to all taxpayers. You do not need to file other forms or call the IRS to qualify.
*** IRS deposited the first ECONOMIC IMPACT Payments into taxpayers’ bank accounts***
Please check details below. Thanks
CNBC.COM
Check your balance: Coronavirus stimulus money starts to flow into bank accounts
COVID-19 Relief LOANS
Federal Government approved several loans to help small businesses during this hard time, make sure your business is ready to benefit of this valuable support.
*Paycheck Protection Program Loan (PPP)
*SBA Economic Injury Disaster Loan (EIDL)
*SBA Express Laon
We can help.
We are happy to annouce that we won the 2020 Certificate of Excellance Award of accounting firms at Bark.com
IRA & Roth IRA contributions for 2021, to claim the Saver's Credit all increased for 2021. check this out.
https://www.irs.gov/newsroom/income-ranges-for-determining-ira-eligibility-change-for-2021
IRS.GOV
Income ranges for determining IRA eligibility change for 2021 | Internal Revenue Service
IRS new 2021 income tax brackets are out, where do you stand?
Check it out.
https://abc7.com/7390821/
ABC7.COM
The new IRS tax brackets are out for 2021, so where do you stand?
IRS 2020 Updates that are Important to discuss with your CPA before filing your taxes.
1-Interest on refunds taxable.
Taxpayers who received a federal tax refund in 2020 may have been paid interest. Refund interest payments are taxable and must be reported on federal income tax returns.
2-Charitable deduction changes.
New this year, taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations.
https://www.irs.gov/newsroom/irs-to-employers-remember-february-1-2021-deadline-for-form-w-2-other-wage-statements
IRS.GOV
IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements | Internal Revenue Service
https://www.irs.gov/newsroom/many-college-students-may-still-qualify-for-an-economic-impact-payment-review-the-guidelines-and-register-by-nov-21-at-irsgov
IRS.GOV
Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov | Internal Revenue Service
https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation?fbclid=IwAR1c-av8suy4CEouswxcI-2qGO4ewXPv86cS46c1xuk-G2-P71LFSMKPGiU
IRS.GOV
New Exclusion of up to $10,200 of Unemployment Compensation | Internal Revenue Service