For those who love learning: here's a tax fact from Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
Solar Tax Credit is Sunsetting Soon
Wednesday Wisdom and Murphy & Murphy CPA LLC = Success
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.
MURPHYCPALLC.COM
Keeping Your Designated IRA Beneficiary Current is Important
The tax filing extension deadline, October 15th, is just around the corner. Here is a quick reminder of what you need to know.
Murphy & Murphy CPA LLC - Some Monday Motivation for our friends and colleagues.
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?
MURPHYCPALLC.COM
What Happens if I Missed the October 15th Tax Extension Deadline?
Here is a fun fact for your Friday from Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
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.
MURPHYCPALLC.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
Midweek Wednesday Wisdom from Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
Are You Keeping Track of Your Investment Basis?
Murphy & Murphy CPA LLC has the motivation you need to get going this Monday.
Here is a fun fact for your Friday from Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
SBA Questioning PPP Borrowers with Loans Over $2 Million
Midweek Wednesday Wisdom from Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
Beware of New Text Scam Related to Stimulus Payments
Here's some motivation for your Monday from Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
Day Trader Rules and Tax Treatment
Get inspired. Some Wednesday Wisdom from La Plata based Murphy & Murphy CPA 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.
MURPHYCPALLC.COM
Tax Relief for Victims of 2020 Natural Disasters
Murphy & Murphy CPA LLC - Some Monday Motivation for our friends and colleagues.
Here are the business tax due dates for February 2021.
MURPHYCPALLC.COM
February 2021 Business Due Dates
Here are the February 2021 individual tax due dates:
MURPHYCPALLC.COM
February 2021 Individual Due Dates
