While you may be working from home due to the pandemic, you do not automatically qualify for a home office deduction. For example, if you work as an employee for a company (that’s not yours), you generally cannot claim the home office deduction.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several deductions for individuals and businesses who give to charity. The law generally extends — through the end of 2021 — temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here’s what you need to know:
As a small business owner, it’s important to classify your workers properly. Federal and state withholding, Social Security and Medicare, and unemployment taxes are all dependent on this classification.
We’re still getting questions from some folks about the Child Tax Credit that they are receiving. Read below for some answers to common questions we’ve received.
If you, your spouse or child attends a college, university, trade school or takes classes for an advanced degree, you know how expensive higher education can be. The good news is tax credits can help offset some of these costs. There are two credits available that can help you save money on higher education: the American Opportunity Tax Credit and the Lifetime Learning Credit.
Payroll is just one checkbox on an often-overwhelming to-do list. But it’s an important task nonetheless. Your employees will be unhappy if they’re not paid correctly and on time. And you’ll be unhappy if you have to spend hours each week adding up timesheets, calculating pay and filing forms for each employee.
While it may seem mundane, recordkeeping is an important chore. Gathering your tax documents throughout the year makes it easier to file your tax return the following year. And having an organized recordkeeping system overall makes it easier to understand any letters you may receive from the IRS.
In this current seller’s market, you may be considering selling your first or second home. If so, keep in mind how selling your home may affect your tax return. When filing your taxes, you may qualify to exclude all or part of any gain from the sale from your income.
Paid Sick & Family Leave Credits were enhanced under the American Rescue Plan (ARP), which was enacted in March. The credits reimburse small and mid-size employers (and certain governmental employers) for the cost of providing paid sick and family leave to their employees for reasons related to COVID-19, including vaccinations. The updates apply to leave taken from April 1 – September 30, 2021.