Gig Economy is the buzz job industry of the era, especially so since COVID-19 has come into our lives. But your side-hustle, even if only temporary is still a job, where you still earn an income, and you still must file a tax return if you have net earnings of $400 or more. Ugh, For Real?! Yes,...
The Consolidated Appropriations Act, 2021 increased the business-meal deduction for the cost of food and beverages provided by a restaurant to 100 percent for 2021 and 2022. But not for every meal! IRS Notice from April 8 Notice 2021-25 provides guidance on the higher meal limit. What are the Requirements? For meals purchased Jan. 1, 2021 through...
Did you file your federal and state tax returns prior to the unemployment benefits deduction made available under the American Rescue Plan Act? You are due a refund! Background Passed by Congress in April 2021, the American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer when calculating taxable income. We...
Estimated tax payments for second quarter are coming up due on June 15th, 2021. If you are not accustomed to making estimated tax payments, the following is for you! What is an Estimated Tax Payment? Estimated tax payments cover tax on income not subject to withholding, such as income from self-employment, gains from the sale of assets,...
Its not too early to look ahead to what's in store for tax season 2021. The American Rescue Plan Act means lasting impacts from COVID for tax returns! Here is a list of a few key updates for 2021: Child and Dependent Care Credit The new law increases the amount of the credit and eligible expenses for...
Need Tax Help Now? Call Us!