July 2021
2021 Child Tax Credit and Advance Child Tax Credit Portal Opens
IRS announces two new online tools to help families manage Child Tax Credit payments Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor [...]
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background [...]
California Tax Updates for June 30th
Update 1: Local minimum wages in several California areas will increase on July 1, 2021. The per hour rates include the following: Berkeley ($16.32); Emeryville ($16.97); Fremont ($15.00 for small employers, $15.25 for large employers); [...]
June 2021
Traveling for Business Again? What Can You Deduct?
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel [...]
Tax-Favored Ways to Build up a College Fund
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize [...]
Plan Ahead for the 3.8% Net Investment Income Tax
High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT [...]