Are you a investor or a trader? If you have significant investment activities you could be considered a trader and qualify as someone who is involved in a trade of business and possibly deduct investment related expenses. Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses […]
Category Archives: Uncategorized
“Trust Fund Recovery Penalty”, who is your small business can be affected by it?
The Trust Fund Recovery Penalty is an extremely severe penalty and should not be taken lightly. It applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Here are some answers to questions about the penalty so you can safely avoid it. This money withheld […]
Administrative relief for 401(k) plans has been extended by the IRS
As measures set forth due to COVID-19 start to ease, some of them will stay in place long term. One of the possible changes that may be made permanent is the relief from a requirement related to the administration of 401(k) plans. A virtual solution In IRS Notice 2021-40, the IRS recently announced […]
IRS audits were down for 2020 but may be on the rise
Even though the IRS just released statistics showing that fewer returns were audited for the 2020 fiscal year compared to prior years, the IRS will still examine thousands of returns this year. With proper planning, you may fare well even if you’re one of the unlucky ones. Latest statistics Overall, just 0.5% of individual […]
10 facts about the qualified business income deduction to help you know if you qualify
Are you a business owner and wondering if you are eligible to take the deduction for qualified business income (QBI)? Here are 10 facts that can help you determine if you are eligible for this valuable tax break. It’s available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships and S […]
The advantages of the Critical Path Method in IT projects
Regarding business technology, the only sure thing is that change is the main constant. That is why companies need to regularly undertake IT projects such as developing custom software or upgrading network infrastructure. One potential solution to keeping IT projects on schedule and within budget is to follow an approach called the critical path method […]
Nonworking spouses have the ability to contribute to an IRA, don’t miss out!
In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. This exception allows contributions to be made for nonworking spouses. For 2021, the amount that an eligible married couple can contribute to an IRA for a nonworking spouse is $6,000, which is the […]
Businesses that are eligible can benefit from the powerful 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. Following are the guidelines. Background Back in March of 2020, Congress originally enacted the ERTC in the CARES Act to encourage employers to hire and retain […]
Are your company’s job descriptions helping or hindering?
Many companies will write an initial job description, and never update it again even as roles change. These lack of updates however can lead to problems. Therefore you want to make sure your job descriptions are the best that they can be. Inaccurate or incomplete job descriptions can prove to be a hinderance in […]
Making the most of your medical expenses.
Medicare premiums, as well as other medical expenses, can be expensive. However, you may be able to find some relief for your payments in the form of tax deductions. Medicare premiums are medical expenses You can combine premiums for Medicare health insurance with other qualifying medical expenses for purposes of claiming an itemized deduction […]