Did you know if you're a small business owner or are self-employed, you can receive an employer credit because of COVID-19?! The Employee Retention Credit encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted...
Taxpayers who filed an extension for the July 15th deadline must file by October 15. If you did not request an extension and have yet to file a 2019 tax return, you may be able to avoid additional penalties and interest by filing the return as soon as possible and paying any taxes owed. Convenient electronic filing...
Whether you claim a business office in the home, or are simply working at home because of COVID-19, you likely have some former personal assets that you now use for business if you are self-employed. You can also claim other home office deduction expenses! Ah, new tax deductions! Bought a new desk, chair, computer, printer or office...
On August 8, 2020, President Trump issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax. Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020. How does this affects employers and employees? Applicable Wages Applicable wages refer to wages paid to...
Can 2020 get any worse?! After COVID-19 and murder hornets comes wildfires and hurricanes. This country is stronger together, and we get back up no matter how hard the punch. But, the last thing we want to worry about is filing taxes, or currently, filing them late. Extension Deadline...
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