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Standard Rates for Vehicles 2021
Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are…
Charitable Donation Deduction Could Lower Your Tax Bill
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes several temporary tax changes that help charitable organizations. One such provision allows taxpayers to deduct cash donations of up to $300 made before December 31, 2020.
Retirement Contributions Limits Announced for 2021
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions; however, if during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income.
Individual Retirement Arrangements: Terms To Know
While many taxpayers already know about Individual Retirement Arrangements, or IRAs, and have set up an IRA with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker, there are other taxpayers such as those new to the workforce who may not understand how IRAs help them save for retirement.
Taking Early Withdrawals From Retirement Accounts
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know.
The Home Office Deduction
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year.
10 Ways To Improve Your Budgeting & Forecasting
Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic plan that meets your business’s financial goals.
Tax Breaks for Teachers and Educators
As the new school year begins, teachers, administrators, and aides should remember to keep track of education-related expenses that could help reduce the amount of tax owed next spring.
COVID-19 | FFCRA Emergency Sick Leave Payroll Tax Credit
When it comes to emergency sick leave payroll tax credits, there are options for both situations. Check out our list of the Families First Coronavirus Response Act (FFCRA) items you should know.
COVID-19 | Emergency Family Medical Leave Payroll Tax Credit
There are tax credit relief options available to small business owners under the Families First Coronavirus Relief Act (FFCRA) covering Emergency Family Medical Leave. The FFCRA’s paid leave provisions are effective on April 1, 2020, and apply to leave taken between April 1, 2020, and December 31, 2020.