Blog
Leaving Your Job?
If you leave your job with company stock in your 401(k) or another qualified retirement plan account, you might wonder if there's a tax-smart move you can make with the stock. Here's some advice to achieve the optimal tax results over the long haul.
Eligible businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress originally enacted the ERTC...
Seniors May be Able to Write off Medicare Premiums on Their Tax Returns
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a...
Many Parents Will Receive Advance Tax Credit Payments Beginning July 15
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have...
COVID 19 Relief: Overview of the New American Rescue Plan Act
The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic....
Important Tax Figures for 2021
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2021 2020 Social Security Tax Wage Base $142,800...
Are You Thinking About Selling Your Business?
The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses before Congress has a chance to increase the rates on long-term capital gains. Before putting your business on the market, it's...
Can Employers Require Workers to Be Vaccinated for COVID-19?
Vaccinations can be an emotionally fraught issue for some people, for various reasons, and the COVID-19 vaccines being administered today come with additional fears about potential side effects. Yet the risk of contracting COVID-19 — and spreading it — remains...
Act Fast: PPP Changes Provide Greater Access for Smallest Businesses
The Biden Administration announced changes to the Paycheck Protection Program (PPP) to increase lending to smaller businesses and help ensure equitable distribution of loans to them. But qualified businesses may want to act fast because there is a two-week period...