by somichcpa | Apr 28, 2021 | Uncategorized
With housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the...
by somichcpa | Apr 28, 2021 | Uncategorized
The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: Age matters. The old credit was for children under the age of 17. The new credit goes through...
by somichcpa | Apr 23, 2021 | Uncategorized
Here’s what you need to know about the Paycheck Protection Program (PPP) loans and other business relief provisions of the recently-passed American Rescue Plan Act. PPP loan application deadline extended. The deadline to apply for PPP loans is now May 31, 2021....
by somichcpa | Apr 21, 2021 | Uncategorized
The recently-passed American Rescue Plan Act contains several tax breaks for you and your family. Here are the major provisions of the bill that could mean more money in your pocket during the 2021 tax year. Child tax credit (CTC) The CTC for 2021 increases from...
by somichcpa | Apr 7, 2021 | Uncategorized
Individual tax return deadline moved to May 17 Congress’ recent move to retroactively make a portion of 2020 unemployment income tax-free is creating havoc during this year’s tax filing season. Here is what you need to know. Background Unemployment...
by somichcpa | Mar 30, 2021 | Uncategorized
Wouldn’t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax. 1. Tax-free interest. The federal government does not tax municipal bond interest. This includes...
by somichcpa | Mar 18, 2021 | Uncategorized
Prior to filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right. The Basics Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper...
by somichcpa | Mar 12, 2021 | Uncategorized
Tax challenges can be VERY expensive As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors. Classifying your workers as independent contractors generally saves you money. That’s because you avoid...
by somichcpa | Mar 8, 2021 | Uncategorized
Here’s a look at the new world of bank reconciliations and some ideas to use to ensure your bank account is accurate. The bank reconciliation purpose In a nutshell, a bank reconciliation ensures your account is accurate. This is done by comparing all your activity...
by somichcpa | Mar 5, 2021 | Uncategorized
With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions. When will I get my refund? The pandemic and additional stimulus payments will, in all probability, delay refund payments. But as of now here are the old wait...
