Small businesses should make sure to use the right form when filing employment tax returns Some small businesses pay employment tax quarterly while others may pay it just once a year. The IRS advises small business owners to review the rules for filing two commonly used employment tax returns. The two forms are: Form 941, …
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Tax Law Changes for the Self-Employed <p>Under the Tax Cuts and Jobs Act, small businesses that are pass-through entities may deduct up to 20% of qualified business income on their federal income tax return.</p> <h2>Qualified Business Income</h2> <p>For the purposes of the pass-through deduction, qualified income is defined as total business income minus:</p><ul><li>Capital gains or …
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Tax Law Changes for Families <p>Your clients’ family dynamic will impact how the changes affect their taxes. Here is a list of the tax law changes that may impact your clients’ tax situation related to dependents, savings plans, and more.</p> <h2>Changes to the Child Tax Credit</h2> <p>The Tax Cuts and Jobs Act doubled the Child …
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Tax Reform and the State and Local Tax (SALT) Deduction If your clients live in a state that imposes a sales, income, property or real estate tax, the IRS will allow them to deduct those amounts on their federal income tax return to lower their tax bill. Before the tax laws changed, there was no …
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Although it may not be tax season, scammers are still lurking everywhere. Oftentimes they impersonate your bank, a favorite shop, or even the IRS to try and get you to share personal information.
Following special tax law changes, cash donations of up to $300 made before Dec. 31, 2020, are now easily deductible when people file their taxes in 2021.
IRS designates November 10 National EIP Registration Day The IRS has designated Tuesday, November 10, National EIP Registration Day. This is part of the agency’s final push to encourage everyone who doesn’t normally file a tax return to register to receive an Economic Impact Payment. This special event will feature support from IRS partner groups …
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