2021 – 09/21 by Deborah Carroll We ran into a dilemma in funding college for our children. Perhaps our experience will help you assess your own college spending options. We have two kids, each with a Texas Guaranteed Tuition Plan. Child 1 is done with school but has leftover hours in the plan, prepaid tuition…
2021 – 09/20 Generally, individuals who claim the standard deduction on their tax returns can’t deduct charitable contributions. But for 2021, the Taxpayer Certainty and Disaster Tax extended parts of an earlier law that allowed individuals to claim charitable contributions up to $300 for 2020. Those who file married joint returns may claim up to…
2021 – 09/20 If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a…
2021 – 09/17 Did you request an extension from the IRS to file your 2020 tax return? If so, the Oct. 15 deadline is coming up soon. Taxpayers who asked for an extension should file on or before the extension deadline to avoid a penalty for filing late. Although Oct. 15 is the last day…
2021 – 09/16 Eligible families are now receiving their September advance Child Tax Credit payments. This third batch of advance monthly payments, totaling about $15 billion, is reaching about 35 million families. Future payments are scheduled for October 15, November 15 and December 15. Eligible families who didn’t receive payments in July or August and…
2021 – 09/15 The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries have had to overcome seemingly insurmountable challenges, while others have seen remarkable growth opportunities arise. If your business is doing well enough for you to consider adding a location, both congratulations and…
2021 – 09/14 National Small Business Week runs through Sept. 17. To recognize the week, the IRS is providing information for businesses to help understand and meet their tax obligations. To learn more about employment tax obligations, obtaining an Employer Identification Number, making estimated tax payments and more, visit: https://bit.ly/3CfKPcF
2021 – 09/13 The IRS is reminding taxpayers that the cost of home testing for COVID-19 is an eligible medical expense. This means that the cost of at-home testing is potentially tax deductible or can be paid for or reimbursed under health Flexible Spending Arrangements (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs) or…
2021 – 09/13 The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current law, 100% first-year bonus depreciation is available for qualified new…
2021 – 09/10 Reminder: Estimated tax payments for the third quarter of 2021 are due on Wednesday, Sept. 15. In general, individuals (including sole proprietors, partners, and S corporation shareholders) have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. Corporations generally have to…
Accounting Today and Best Companies Group have announced the members of the 2021 Best Accounting Firms to Work for List. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession. Bland Garvey is honored to make the list for the ninth time. Accounting Today names 2021…
2021 – 09/08 Commercial loans, particularly small business loans, have been in the news over the past year or so. The federal government’s Paycheck Protection Program has been helpful to many companies, though fraught with administrative challenges. As your business pushes forward, you may find yourself in need of cash in the months ahead. If…
2021 – 09/07 The IRS has announced the special per diem rates that are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. An employer may pay a per diem or daily amount to an employee…
2021 – 09/07 The Social Security (SS) wage base for 2022 is projected to rise to at least $146,700. That’s according to the SS Administration Office of the Chief Actuary, which issues three forecasts. The highest projection is $147,300. The wage base is the point at which annual wages are no longer subject to SS…
2021 – 09/07 A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how that’s sometimes difficult to do. Basic rules for theft losses…
