Posts by Caras & Shulman

Deducting Business-Related Car Expenses

Deducting Business-Related Car Expenses

by | May 20, 2021 |

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car for business use. You are allowed to deduct the business-related portion of costs related to gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments). Standard Mileage Rate. To use the...

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Avoiding Tax Surprises When Retiring Overseas

Avoiding Tax Surprises When Retiring Overseas

by | May 18, 2021 |

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement country destinations are created equal. Taxes on Worldwide Income Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some retirees may not owe any U.S. income tax while living abroad, they must still file a return...

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Saving for Education: Understanding 529 Plans

Saving for Education: Understanding 529 Plans

by | May 13, 2021 |

Many parents are looking for ways to save for their child's education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college (two and four-year programs) or vocational school. The SECURE Act expanded the 529 Plan to include fees, books, supplies, and equipment for apprenticeship programs and repayment of principal and...

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Tax Withholding for Seasonal and Part-Time Employees

Tax Withholding for Seasonal and Part-Time Employees

by | May 11, 2021 |

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during the harvest or commercial fishing season. Part-time and seasonal employees are subject to the same tax withholding rules that apply to...

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Tax Return Tips for Last-Minute Filers

Tax Return Tips for Last-Minute Filers

by | May 4, 2021 |

What You Need to About Tax Return Tips for Last-Minute Filers When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you've been procrastinating on filing your tax return this year, here are eight tips that might help. Don't Delay Resist the temptation to put off your taxes until the very last...

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Integra International Audit & Accounting Alert – April 2021 (Issue 4)

by | Apr 24, 2021 |

Finding ways to improve audit quality and eradicate fraud are never ending tasks. Continued vigilance is a necessity. British authorities have been studying the issues from several angles over the past two years. The outcomes from three studies have been analyzed and incorporated into a comprehensive set of proposals that address the roles of corporate directors, shareholders, auditors and regulators alike. This issue of the Audit & Accounting Alert highlights significant aspects of the resulting consultation paper.

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PPP Loan Deadline Extended Through May 31

PPP Loan Deadline Extended Through May 31

by | Apr 22, 2021 |

The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days after the May 31 deadline to review and process loan applications. The passage of the PPP Extension Act does not provide additional funding; however, as part of the American Rescue Plan Act, an additional $7.25 billion was...

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Q & A: The $10,200 Unemployment Tax Break

Q & A: The $10,200 Unemployment Tax Break

by | Apr 20, 2021 |

Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break - in effect only for the 2020 tax year - lets you exclude the first $10,200 from taxable income. Here's what you should know: What do I need to do to get the tax break? The tax break, which is part of the American Rescue Plan Act of 2021 (ARPA is available to all taxpayers...

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Economic Impact Payments: Round Three

Economic Impact Payments: Round Three

by | Apr 15, 2021 | ,

On March 12, following the American Rescue Plan Act's approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department as well. Taxpayers who received EIP1 or EIP2 but didn't receive a third payment (EIP3) via direct deposit will generally receive a check or, in some instances, a prepaid debit card (EIP Card).   Highlights: The third stimulus...

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Highlights of the American Rescue Plan Act

Highlights of the American Rescue Plan Act

by | Apr 13, 2021 |

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let's take a look: Economic Impact Payments (EIP3). A third round of economic impact payments (EIP3) will be sent to qualifying taxpayers; individuals will receive $1,400 ($2,800 for married taxpayers filing jointly) plus $1,400 for each dependent, which includes college students and relatives who can be claimed as dependents. These payments are sent out as...

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