Beginning July 15, 2021, eligible parents will start receiving their 2021 advance child tax credit (CTC) payments; these payments were established in the American Rescue Plan Act (ARPA). How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable for 2021. The law increased the maximum CTC — for 2021 only — […]

Recently guidance was released by the IRS regarding the 2020 inflation adjusted amounts for HSAs. Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]

To connect and build meaningful relationships with customers and prospects, many businesses now rely on customer relationship management (CRM) software. These tools give users easy access to information that could result in increased sales, better marketing techniques, and deeper connections. CRM software also typically includes categorized lists of customers, prospects and other valuable contacts. It […]

It is not uncommon if you have filed your 2020 tax return with the IRS, but still have questions. Some of the most common questions asked are highlighted in this article. Are you wondering when you will receive your refund? The IRS has an online tool that can tell you the status of your refund. […]

If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. Just simply by organizing your business as an S Corporation, you could cut your tax bill. Fundamentals of self-employment tax The self-employment tax is imposed on 92.35% of […]

The COVID-19 pandemic hit suddenly and companies were forced to react quickly. Understandably, you may not have fully documented all the changes you have made. But we at Rudler suggest that you should. One of the ideal places to do so is in your employee handbook. Now that optimism is rising for a return to […]

The number of people engaged in the “gig” or sharing economy has been growing, according to several reports. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services. Bottom line: If you receive income from freelancing or from one of the […]

Many businesses use independent contractors. If you are among them, make sure that these workers are properly classified for federal tax purposes. If the IRS were to reclassify them as employees, the change in classification could be expensive. Determining whether a worker is an independent contractor or an employee for federal income and employment tax […]

The Small Business Administration (SBA) has launched the Restaurant Revitalization Fund (RRF). It was established under the American Rescue Plan Act (ARPA) signed into law in March and went live for applications on May 3rd. The SBA is strongly urging interested, eligible businesses to apply as soon as possible. Who’s eligible? Funds are available for […]

For the second year in a row, the IRS has extended the filing date for federal taxes due to the COVID-19 pandemic. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. If you still aren’t ready to file your return, you should request a tax-filing extension. Anyone can request […]