Who Qualifies for “Head of Household” Tax Filing Status?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as [...]
EIDL Loans, Restaurant Grants Offer Relief to Struggling Small Businesses
The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in [...]
How to Ensure Life Insurance Isn’t Part of Your Taxable Estate
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject [...]
Need a New Business Vehicle? Consider a Heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those [...]
COBRA Provisions Play Critical Role in COVID-19 Relief Law
During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer [...]
California Tax Updates for 3/24
Update 1: Two more California cities, Pomona and Santa Ana, have adopted Hero Pay Ordinances to give extra pay to certain workers during the COVID-19 pandemic. Pomona’s ordinance is effective from 3/1/21 through 6/29/21, requiring [...]
New Law Tax Break May Make Child Care Less Expensive
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying [...]
Is an S Corporation the Best Choice of Entity for Your Business?
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an [...]
Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced on Wednesday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May [...]
New COVID-19 Relief Law Extends Employee Retention Credit
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: [...]