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.
SWETAADKINCPA.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
Some Wednesday Wisdom from your friends at Chapel Hill based Sweta Patel Adkin CPA PLLC
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.
SWETAADKINCPA.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.
The IRS announced last week that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act "should not file information returns or furnish payee statements to report the forgiveness."
ACCOUNTINGTODAY.COM
IRS says lenders don’t need to report PPP loan forgiveness
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 Sweta Patel Adkin CPA PLLC.
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.
SWETAADKINCPA.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
Transform your life. Wednesday Wisdom from Sweta Patel Adkin CPA PLLC
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
Here's your tax fact of the week from your friends at Sweta Patel Adkin CPA PLLC.
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.
SWETAADKINCPA.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?
A little inspiration from Sweta Patel Adkin CPA PLLC. Wednesday Wisdom
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.
SWETAADKINCPA.COM
The SBA Issues a Simplified PPP Loan-Forgiveness Application
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.
SWETAADKINCPA.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.
SWETAADKINCPA.COM
Don't Miss Out on Year-End Tax-Planning Opportunities
The Department of Justice has charged Robert Brockman, a Texas billionaire, with the biggest tax fraud case in U.S. history.
THEHILL.COM
Justice Dept. charges Texas billionaire with biggest tax fraud case in US history
Midweek Wednesday Wisdom from Sweta Patel Adkin CPA PLLC
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.
SWETAADKINCPA.COM
Are You Keeping Track of Your Investment Basis?
Another handy use for your smartphone: starting this month, the IRS is adding a QR code to its tax notices so you can scan it, securely access your account, set up a payment plan, or contact the Taxpayer Advocate Service.
FORBES.COM
Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills
"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
A little inspiration from Sweta Patel Adkin CPA PLLC. Wednesday Wisdom
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.
SWETAADKINCPA.COM
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
Here's some motivation for your Monday from Sweta Patel Adkin CPA PLLC
Here's a tricky question: How do you know when it's the right time to scale your business? Read on to learn five critical identifiers for scaling and how to get it done.
ENTREPRENEUR.COM
How to Know When It's the Right Time to Scale Your Business
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.
SWETAADKINCPA.COM
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
A little inspiration from Sweta Patel Adkin CPA PLLC to start your week.
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.
Right now, many of the initial 180-day mortgage forbearance periods from the CARES Act are coming due for homeowners who sought relief early on in the pandemic. What happens next?
FOOL.COM
What to Do When Your CARES Act Mortgage Forbearance Ends
A new bill being considered in Congress would raise the age for RMDs and let workers who are repaying student loans "to get a company 401(k) match even if they're not saving in their workplace plan."
CNBC.COM
New retirement bill has perks for seniors, student loan borrowers
Should working from home be taxed? According to this analysis, perhaps. Learn more:
MARKETWATCH.COM
Should working from home be taxed?
Some insider tax knowledge from Sweta Patel Adkin CPA PLLC.
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.
SWETAADKINCPA.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
Wednesday Wisdom and Sweta Patel Adkin CPA PLLC = Success
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.
SWETAADKINCPA.COM
Beware of New Text Scam Related to Stimulus Payments
Sweta Patel Adkin CPA PLLC has a fun tax fact to share with you.
Many of us are still working from home these days. If you feel that it's hard to keep work and home life separate in these times, you aren't alone. Here are some ways to balance both and stay sane.
ENTREPRENEUR.COM
How to Keep Work and Home Life Separate as You Work Remotely
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.
SWETAADKINCPA.COM
Employee Holiday Gifts May Be Taxable
Get inspired. Some Wednesday Wisdom from Chapel Hill based Sweta Patel Adkin CPA PLLC
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.
SWETAADKINCPA.COM
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 inspired. Some Wednesday Wisdom from Chapel Hill based Sweta Patel Adkin CPA PLLC
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.
SWETAADKINCPA.COM
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.
SWETAADKINCPA.COM
Preparing for 2021: Tax Planning Strategies for Small Business Owners
Millions of unemployed Americans are facing a scary end to 2020, with jobless programs expiring unless Congress passes further relief.
WSJ.COM
Millions of Unemployed Americans Face Loss of Benefits at Year’s End
Get ready for the week: Sweta Patel Adkin CPA PLLC has motivation for your Monday.
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.
Here are 7 motivational quotes from Tony Hsieh, the man behind Zappos who tragically passed away last weekend. Hsieh helped turn the Zappos shoe empire into a billion dollar business.
ENTREPRENEUR.COM
7 motivational quotes from the recently deceased CEO of Zappos, Tony Hsieh
Wednesday Wisdom and Sweta Patel Adkin CPA PLLC = Success
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.
SWETAADKINCPA.COM
Year-End Gift Giving with Tax Benefits
86% of small business owners say they have not received state or local aid to help their business survive the COVID-19 crisis. Are you one of them?
SMALLBIZTRENDS.COM
Lack of State and Local Aid Frustrates Small Business Owners Nationwide - Small Business Trends
Looking for a sign? Here's your Monday Motivation from Chapel Hill based Sweta Patel Adkin CPA PLLC
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.
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.
SWETAADKINCPA.COM
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.
Here's some motivation for your Monday from Sweta Patel Adkin CPA PLLC
Looking for some Monday inspiration? Here are 6 giant companies that nearly flopped entirely. Remember: disruption and innovation takes time!
ENTREPRENEUR.COM
6 Giant Companies That Nearly Flopped
An IRS phone scammer in India "has been sentenced to 20 years in prison for his role in operating and funding call centers that defrauded U.S. victims out of millions of dollars."
FORBES.COM
IRS Phone Scammer Sentenced To 20 Years In Prison
News of viable COVID-19 vaccine prospects is already boosting consumer spending, with many feeling more at ease as they see "a light at the end of the tunnel."
USATODAY.COM
COVID-19 vaccine prospects may already be boosting consumer spending, economy
The 7(a) loan program is the SBA's primary method of assisting small businesses in the U.S. Here's a full breakdown the different types of 7(a) loans and how you can qualify for one.
THEBALANCESMB.COM
What Is an SBA 7(a) Loan?
Start your week on the right foot with Monday Motivation from Sweta Patel Adkin CPA PLLC
Americans are starting new businesses at a record pace, surpassing the figure from 2019's total by mid-October of this year.
SMALLBIZTRENDS.COM
Americans Starting New Businesses at Record Pace - Small Business Trends
ICYMI: Bob Dylan sold his entire songwriting catalogue for an estimated $300 million. Ever wonder what that means on the tax planning side?
FORBES.COM
Bob Dylan's Debt To Nashville - It's About Taxes
According to ADP's latest monthly payrolls report, "private payrolls grew at their slowest pace since July amid a deceleration in large business hiring for November."
CNBC.COM
Hiring falls off in November to slowest rate since July
Heads up, businesses: BrightLocal's 2020 Local Consumer Review Survey has been released, and it's got great insights to explore.
BRIGHTLOCAL.COM
Local Consumer Review Survey: How Customer Reviews Affect Behavior
Still have some holiday shopping left to complete? WAIT! before you click that link to a huge online retailer, consider buying from a small business - there's still time.
USATODAY.COM
Rethink that click: It's not too late to shop small for Christmas presents
Over 150 million Americans plan to shop the Saturday before Christmas - "Super Saturday" - this year, 42% of which are planning to do so online only.
CNBC.COM
Mad dash to the finish: A record number of people plan to shop the Saturday before Christmas, survey says
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.
SWETAADKINCPA.COM
W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
Here's your tax fact of the week from your friends at Sweta Patel Adkin CPA PLLC.
I'm pleased to announce that Diego Rodriguez will be joining my firm. Diego has served as a trusted professional to me for years and brings immense experience in tax planning and business advisory services. Our mission is to develop lasting client relationships -- we will always put the client first by fully understanding our clients' needs and objectives. #Partnership, #CustomerService, #clientsuccess
We all know the year 2020 presented the world with a number of challenges in the entrepreneurial space. The following are the 15 things to avoid as an entrepreneur in the year 2021.
ENTREPRENEUR.COM
15 Things Not to Do as an Entrepreneur in 2021
A holiday gift for millions of Americans with high healthcare costs, especially seniors: new legislation permanently lowers the threshold for claiming the medical expense deduction to 7.5%.
FORBES.COM
Medical Expense Deduction Tax Relief Is Big Win For Seniors In Year-End Spending Package
Here are the January 2021 Business Tax Due Dates...
SWETAADKINCPA.COM
January 2021 Business Due Dates
Here are the January 2021 Individual Tax Due Dates...
SWETAADKINCPA.COM
January 2021 Individual Due Dates
According to a recent survey, about 8% of employers cut 401(k) contributions during the Covid pandemic, and another 1% are considering doing so.
CNBC.COM
Nearly 46,000 businesses slashed 401(k) contributions during pandemic
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The answer will be critical come tax time. Link via
MONEY.YAHOO.COM
IRS is ‘setting the trap’ for bitcoin and virtual currency investors on 2020 tax form
Off stats - New Year's Eve parties may be out this year, but if your festivities still include popping a bottle of bubbly, the champagne you toast with will be taxed. Learn how much via
TAXFOUNDATION.ORG
New Year's Eve and Taxes: Champagne Taxes in Your State
Tap into your full potential. Wednesday Wisdom from Adkin & Rodriguez CPAs PLLC
Covid payments on the way. Individuals who made up to $75,000 in 2019 will get up to $600. Married couples who earned up to $150,000 will get up to $1,200.
NBCNEWS.COM
Treasury Secretary Mnuchin says $600 Covid payments start going out Tuesday night
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.
SWETAADKINCPA.COM
What Are the Tax Advantages of Home Ownership?
The IRS has released the standard mileage rates for 2021, and one of the biggest differences is a drop in the per mile rate for business use from last year.
FORBES.COM
IRS Releases 2021 Mileage Rates
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.
As stimulus checks start to arrive in the bank accounts of American taxpayers, some people are wondering how these payments affect their taxes.
FOOL.COM
Are Stimulus Checks Taxable? | The Motley Fool
Here is some midweek Wednesday Wisdom inspiration from your friends at Adkin & Rodriguez CPAs PLLC
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.
ADKINRODRIGUEZ.COM
2021 Standard Mileage Rates Announced
Heads up: The US hasn't seen significant inflation in almost 40 years - but that may change in 2021.
FINANCE.YAHOO.COM
Inflation Is on the Way for 2021 – Here’s What That Means for You
Get ready for the week: Adkin & Rodriguez CPAs PLLC has motivation for your Monday.
The recent COVID-related tax relief legislation, passed late in December, extends and enhances deductions for cash charitable contributions.
ADKINRODRIGUEZ.COM
Charitable Contributions Deduction Liberalized for 2021
A good goal to strive for: Make 2021 the year you stop living from paycheck to paycheck.
FOOL.COM
How to Stop Living Paycheck to Paycheck in 2021
Adkin & Rodriguez CPAs PLLC has the motivation you need to get going this Monday.
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.
Some would-be recipients of stimulus checks were when they checked the status of their payments via the IRS Get My Payment tool only to discover that they did not recognize the destination bank account. Here's why.
FASTCOMPANY.COM
IRS Get My Payment: Stimulus check went to the ‘wrong’ bank account? This might be why
It's a new year, and no one knows for sure what 2021 will hold. But as a business owner, you have to plan and prepare your business for any difficult situation.
ENTREPRENEUR.COM
5 Business Survival Tips for 2021
