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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.
Pass on Wealth to Heirs Using These Strategies
Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low-interest rates and a volatile stock market are creating additional opportunities.
Loan Forgiveness Under the Paycheck Protection Plan
If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Here’s what you need to know about loan forgiveness under the PPP.
What Should Be Included in the PPP Loan
We now have more clarity on what expenses we can apply to applications and what is considered accepted payroll expenses.