A little inspiration from Steven M. Vogt CPA EA to start your week.
If you are receiving temporary home mortgage relief under the CARES Act or in danger of having your home repossessed, know that any debt relief can have an impact on your taxes. Watch this video to find out more.
End of week tax fact from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Solar Tax Credit is Sunsetting Soon
Transform your life. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Keeping Your Designated IRA Beneficiary Current is Important
Some Wednesday Wisdom from your friends at Chandler based Steven M. Vogt CPA EA
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.
TAXTIP.NET
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.
Get ready for the week: Steven M. Vogt CPA EA has motivation for your Monday.
For those who love learning: here's a tax fact from Steven M. Vogt CPA EA.
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.
TAXTIP.NET
Gambling and Tax Gotchas
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.
TAXTIP.NET
Are You Keeping Track of Your Investment Basis?
Here's some motivation for your Monday from Steven M. Vogt CPA EA
For those who love learning: here's a tax fact from Steven M. Vogt CPA EA.
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.
TAXTIP.NET
There is More to Deducting Health Insurance than Meets the Eye
Steven M. Vogt CPA EA - 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?
TAXTIP.NET
What Happens if I Missed the October 15th Tax Extension Deadline?
Here's your tax fact of the week from your friends at Steven M. Vogt CPA EA.
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.
TAXTIP.NET
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.
TAXTIP.NET
Don't Miss Out on Year-End Tax-Planning Opportunities
A little inspiration from Steven M. Vogt CPA EA. Wednesday Wisdom
Your Friday tax fact from Chandler based Steven M. Vogt CPA EA.
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.
TAXTIP.NET
Is That Inheritance Taxable?
Some Wednesday Wisdom from your friends at Chandler based Steven M. Vogt CPA EA
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.
TAXTIP.NET
Don't Miss the Opportunity for a Spousal IRA
Transform your life. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Beware of New Text Scam Related to Stimulus Payments
Here's some motivation for your Monday from Steven M. Vogt CPA EA
Your Friday tax fact from Chandler based Steven M. Vogt CPA EA.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
TAXTIP.NET
Renting Your Home or Vacation Home for Short Periods
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.
TAXTIP.NET
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.
Get ready for the week: Steven M. Vogt CPA EA has motivation for your Monday.
Steven M. Vogt CPA EA has a fun tax fact to share with you.
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.
TAXTIP.NET
SBA Questioning PPP Borrowers with Loans Over $2 Million
Looking for a sign? Here's your Monday Motivation from Chandler based Steven M. Vogt CPA EA
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.
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.
TAXTIP.NET
What Happens if I Receive an IRS CP2000 Notice?
Steven M. Vogt CPA EA has a fun tax fact to share with you.
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.
TAXTIP.NET
Employee Holiday Gifts May Be Taxable
Transform your life. Wednesday Wisdom from Steven M. Vogt CPA EA
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 Steven M. Vogt CPA EA.
A little inspiration from Steven M. Vogt CPA EA. 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.
TAXTIP.NET
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.
TAXTIP.NET
Preparing for 2021: Tax Planning Strategies for Small Business Owners
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.
TAXTIP.NET
Your Annual Reminder to File Worker 1099s
Transform your life. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Year-End Gift Giving with Tax Benefits
Start your week on the right foot with Monday Motivation from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Sold or Thinking of Selling Your Home?
It matters how you get there. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
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.
Looking for a sign? Here's your Monday Motivation from Chandler based Steven M. Vogt CPA EA
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.
TAXTIP.NET
W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
Steven M. Vogt CPA EA has a fun tax fact to share with you.
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.
TAXTIP.NET
IRA Withdrawal Planning Can Save on Taxes
Wednesday Wisdom and Steven M. Vogt CPA EA = Success
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.
TAXTIP.NET
Didn't Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
It's go time! Chandler based Steven M. Vogt CPA EA has some motivation for you today.
Midweek Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
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.
TAXTIP.NET
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.
TAXTIP.NET
Help Is on the Way - Emergency Coronavirus Relief Agreement Reached
It's go time! Chandler based Steven M. Vogt CPA EA has some motivation for you today.
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.
TAXTIP.NET
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.
TAXTIP.NET
Finally, The COVID Relief Package Is Law
Get ready for the week: Steven M. Vogt CPA EA has motivation for your Monday.
Midweek Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Saver's Credit Can Help You Save for Retirement
A little inspiration from Steven M. Vogt CPA EA to start your week.
Transform your life. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
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.
TAXTIP.NET
Finally, The COVID Relief Package Is Law
Get ready for the week: Steven M. Vogt CPA EA has motivation for your Monday.
Midweek Wednesday Wisdom from Steven M. Vogt CPA EA
End of week tax fact from Steven M. Vogt CPA EA
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.
TAXTIP.NET
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.
Wednesday Wisdom from your friends at Steven M. Vogt CPA EA
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.
TAXTIP.NET
2021 Standard Mileage Rates Announced
A little inspiration from Steven M. Vogt CPA EA 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
End of week tax fact from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Congress Has Authorized a Second Round of PPP Loans
It matters how you get there. Wednesday Wisdom from Steven M. Vogt CPA EA
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
TAXTIP.NET
Charitable Contributions Deduction Liberalized for 2021
A little inspiration from Steven M. Vogt CPA EA to start your week.
Learn about taxes from your friends at Chandler based Steven M. Vogt CPA EA.
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.
TAXTIP.NET
IRS Offers New Identity Protection for Taxpayers
Midweek Wednesday Wisdom from Steven M. Vogt CPA EA
**Online Scheduling Now Available**
Visit our website at www.taxtip.net and click on 'Schedule Appointment' on the top bar.
We look forward to working with you this tax season!
TAXTIP.NET
Chandler & Queen Creek, Arizona Accounting & Tax Services | Steven M. Vogt, CPA, EA
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.
TAXTIP.NET
How Biden's Rescue Plan Might Impact Your Taxes
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.
TAXTIP.NET
Obscure and Overlooked Tax Deductions, Credits, and Benefits
Wednesday Wisdom from your friends at Steven M. Vogt CPA EA
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.
TAXTIP.NET
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.
TAXTIP.NET
Tax Time is Around the Corner! Are You Ready?
Get ready for the week: Steven M. Vogt CPA EA 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.
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.
TAXTIP.NET
Tax Relief for Victims of 2020 Natural Disasters
**Online Scheduling Now Available**
Visit our website at www.taxtip.net and click on 'Schedule Appointment' on the top bar.
We look forward to working with you this tax season!
TAXTIP.NET
Chandler & Queen Creek, Arizona Accounting & Tax Services | Steven M. Vogt, CPA, EA
It's go time! Chandler based Steven M. Vogt CPA EA has some motivation for you today.
Here are the business tax due dates for February 2021.
TAXTIP.NET
February 2021 Business Due Dates
Here are the February 2021 individual tax due dates:
TAXTIP.NET
February 2021 Individual Due Dates
Here's your tax fact of the week from your friends at Steven M. Vogt CPA EA.
Make your Monday great with this motivation from Steven M. Vogt CPA EA
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 Steven M. Vogt CPA EA.
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.
TAXTIP.NET
Day Trader Rules and Tax Treatment
Tap into your full potential. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Tax Relief for Victims of 2020 Natural Disasters
Steven M. Vogt CPA EA - Some Friday tax knowledge for our friends and colleagues.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
TAXTIP.NET
Employee Retention Credit Extended
Here is some midweek Wednesday Wisdom inspiration from your friends at Steven M. Vogt CPA EA
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.
TAXTIP.NET
Interaction between PPP Loans and the Employee Retention Credit
Make your Monday great with this motivation from Steven M. Vogt CPA EA
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.
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.
TAXTIP.NET
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.
TAXTIP.NET
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers
Here's your tax fact of the week from your friends at Steven M. Vogt CPA EA.
Here are the March 2021 Business due date reminders:
TAXTIP.NET
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.
TAXTIP.NET
Tax Deductions Without Itemizing
Here are the March 2021 individual tax due dates:
TAXTIP.NET
March 2021 Individual Due Dates
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.
TAXTIP.NET
Special Rules Apply to 2020 EITC and Child Credit
Here is a fun fact for your Friday from Steven M. Vogt CPA EA.
Mom and pop businesses with fewer than 20 employees are given a 2-week exclusive application period for PPP Loans.
TAXTIP.NET
Mom & Pop Businesses Move to Front of the Line for PPP Loans
It matters how you get there. Wednesday Wisdom from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Tax Consequences of Crowdfunding
Here's some motivation for your Monday from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Understanding Tax-Filing Status
Wednesday Wisdom and Steven M. Vogt CPA EA = Success
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.
TAXTIP.NET
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.
Set yourself up for success with Monday Motivation from Steven M. Vogt CPA EA
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.
TAXTIP.NET
Special Rules Apply to 2020 EITC and Child Credit
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.
TAXTIP.NET
Working from Home? Is there a Tax Deduction?
We often hear freelancers and gig workers discuss the freedom that comes with their career path, but going solo also creates complications in your finances. Here are 7 personal finance tips that can benefit anyone working in the freelance economy.
TAXTIP.NET
7 Personal Finance Tips for Freelancers and Gig Workers
Analyzing overtime costs is an important strategic step in determining when to hire new workers and improve efficiency.
TAXTIP.NET
Analyzing Overtime Costs: A Strategic Step for HR
Make your Monday great with this motivation from Steven M. Vogt CPA EA
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 Steven M. Vogt CPA EA.
Rover.com was founded a decade ago at Seattle's Startup Weekend event, and the company has been wildly successful ever since. Here's the full story of how this pet care website came to be.
TAXTIP.NET
The Inspiring Story of the Team Behind Rover.com
Here's some motivation for your Monday from Steven M. Vogt CPA EA
The American Rescue Plan has passed, bringing great news for those who are unemployed. Watch this video for a summary of the expansion and changes to the unemployment benefits in 2021.
Some insider tax knowledge from Steven M. Vogt CPA EA.
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.
TAXTIP.NET
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.
TAXTIP.NET
Are Your Unemployment Benefits Taxable?
Steven M. Vogt CPA EA - Some Friday tax knowledge for our friends and colleagues.
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.
TAXTIP.NET
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.
TAXTIP.NET
Great News, Child Care Tax Credit Expanded for 2021
Get inspired. Some Wednesday Wisdom from Chandler based Steven M. Vogt CPA EA
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.
TAXTIP.NET
Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage
Some insider tax knowledge from Steven M. Vogt CPA EA.
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.
TAXTIP.NET
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.
TAXTIP.NET
How to Evaluate Your Business Idea Before Diving In
Here are the April 2021 business due date reminders:
TAXTIP.NET
April 2021 Business Due Dates
Get inspired. Some Wednesday Wisdom from Chandler based Steven M. Vogt CPA EA
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.
TAXTIP.NET
Tips for Creating an Employee Stock Option Plan