Work Opportunity Tax Credit Extended Through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as [...]
Should Your Business Add Roth Contributions to its 401(k)?
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its [...]
Didn’t Contribute to an IRA Last Year? There Still May Be Time
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a [...]
If You Run a Business From Home, You Could Qualify for Home Office Deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office [...]
As Required by Law, All First and Second Economic Impact Payments Issued; Eligible People Can Claim Recovery Rebate Credit
The IRS announced Tuesday that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing [...]
What Are The Tax Implications of Buying or Selling a Business?
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or [...]
Partial Conformity to PPP Loan Tax Rules for California
Yesterday, Governor Gavin Newsom, Senate President pro Tempore Toni G. Atkins and Assembly Speaker Anthony Rendon announced that they have reached an agreement on a package of immediate actions that will speed needed relief to [...]
Did You Make Donations in 2020? There’s Still Time to Get Substantiation.
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim [...]
California Tax Updates for February 17th
Update 1: California’s Franchise Tax Board (FTB) has reopened. In a public service bulletin the FTB announced that beginning Feb. 1, 2021, its field offices and their public counter operations reopened to assist customers by [...]
2021 Individual Taxes: Answers To Your Questions About Limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less [...]