Posts by Caras & Shulman

Tax Tips for January 2021

Tax Tips for January 2021

by | Jan 28, 2021 | ,

Click on the links below to jump to each section in this article: Standard Mileage Rates for 2021 Understanding the Excise Tax Protecting Business Taxpayers From Identity Theft Employee Business Expense Deductions: Who Qualifies?   Standard Mileage Rates for 2021 Starting January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020 16 cents per mile driven for...

read more
The COVID-related Tax Relief Act of 2020

The COVID-related Tax Relief Act of 2020

by | Jan 25, 2021 | ,

What You Need to Know About the COVID Tax Relief Act of 2020 The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020. Let's take a look at a few of the highlights related to pandemic taxpayer relief under the COVID-Related Tax Relief Act of 2020:...

read more
Credit Reports: What You Should Know

Credit Reports: What You Should Know

by | Jan 21, 2021 |

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud - and you from identity theft. Credit Evaluation Factors Many factors are used in determining credit decisions. Here are some of them: Payment history/late payments Bankruptcy Charge-offs...

read more
Identity Protection PIN Available To All Taxpayers

Identity Protection PIN Available To All Taxpayers

by | Jan 18, 2021 |

What You Need to Know Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. What is an Identity Protection PIN? An identity protection personal identification number (IP PIN) is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number from being used to file fraudulent federal income tax returns....

read more
Important Tax Changes for Individuals and Businesses

Important Tax Changes for Individuals and Businesses

by | Jan 7, 2021 |

What You Need to Know About Changes to Your Taxes in 2021 Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead. Individuals In 2021, a number of tax provisions are affected by inflation adjustments, including Health Savings Accounts, retirement contribution limits, and the foreign earned income...

read more
Applying for Tax-Exempt Status as a Nonprofit

Applying for Tax-Exempt Status as a Nonprofit

by | Dec 31, 2020 |

What You Should Know When Starting a Nonprofit Organization If you're thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization's articles of incorporation or trust documents while federal law governs tax-exempt status (i.e.,...

read more
Small Business: Deductions for Charitable Giving

Small Business: Deductions for Charitable Giving

by | Dec 29, 2020 |

How Your Business Benefits By Giving Back Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know. 1. Verify that the Organization is a Qualified Charity Once you've identified a charity, you'll need to make sure it is a qualified charitable organization under the IRS. Qualified organizations must...

read more
Tax Tips for January 2021

Tax Tips for December 2020

by | Dec 21, 2020 | ,

Click on the links below to jump to each section in this article: Retirement Contributions Limits Announced for 2021 Solar Technology Tax Credits Still Available for 2020 Relief for Drought-Stricken Farmers and Ranchers Beware of Gift Card Tax Scams Charitable Donation Deduction Could Lower Your Tax Bill   Retirement Contributions Limits Announced for 2021 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows:...

read more
Working Remotely Could Affect Your Taxes

Working Remotely Could Affect Your Taxes

by | Dec 18, 2020 | ,

What You Need to Know When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will...

read more
Business Tax Provisions: The Year in Review

Business Tax Provisions: The Year in Review

by | Dec 14, 2020 |

Here's what business owners need to know about tax changes for 2020. Standard Mileage Rates The standard mileage rate in 2020 is 57.5 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not...

read more

Categories

Archived