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Building customers’ trust in your website

2021 – 02/17 The events of the past year have taught business owners many important lessons. One of them is that, when a crisis hits, customers turn on their computers and look to their phones. According to one analysis of U.S. Department of Commerce data, consumers spent $347.26 billion online with U.S. retailers in the…

Child Tax Credit: Dependents that Qualify

2021 – 02/12 Do you have a child age 17 or older or other dependent? You can’t claim the Child Tax Credit for these individuals but you may qualify for the Credit for Other Dependents. The maximum credit is $500 for each dependent who meets certain conditions. For example, the person can be: 1) a…

Tax Breaks for New Ford and Porsche Models

2021 – 02/12 New Ford and Porsche models join the ranks of plug-in vehicles available for a lucrative tax break. Buyers of certain electric passenger vehicles and light trucks can claim a credit for up to $7,500. The models added by the IRS to the list of qualifying vehicles are the 2021 Ford Escape Plug-in…

Rebate Recovery Credit

2021 – 02/10 More than 109,000 IRS notices were sent in error in January 2021, according to the National Tax Advocate (NTA). The notices (CP21C Letters) advised recipients who hadn’t received the first Economic Impact Payments (EIPs) that their payments had been applied to offset tax they owed from a prior year. The notices “are…

IRS Begins Accepting Tax Returns

2021 – 02/10 The IRS begins accepting tax returns on Feb. 12. Ideally, you’ve been gathering tax records all year and have already made an appointment with us. Bring all W-2s, 1099s and documents about state tax refunds and other payments. You also may have received a Form 1095-A, B or C (Health Insurance statement)…

The many uses of a SWOT analysis

2021 -02/10 Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance factors A SWOT analysis starts by spotlighting internal strengths and weaknesses that affect business performance. Strengths are competitive advantages or…

Family Leave Tax Credit

2021 – 02/09 Are you self-employed and a survivor of COVID-19? If so, you may be able to claim a sick and family leave tax credit under the Families First Coronavirus Response Act. The law allows certain self-employed individuals, who due to COVID-19 were unable to work or telework for reasons related to their health,…

IRS Guidance: Teacher Deduction

2021 – 02/08 The IRS has issued guidance related to the tax break allowing eligible teachers to deduct out-of-pocket expenses related to COVID-19 protective items. A recent law provides a $250 educator expense deduction, with respect to items purchased after March 12, 2020, for COVID-19 protection. The educator expense deduction rules permit eligible educators to…

SCAM Alert

2021 – 02/08 The U.S. Department of Justice (DOJ) and the IRS’s Criminal Investigation division are warning taxpayers about a new wave of COVID-19-related scams. Officials with the DOJ and IRS spotlighted a number of scams, including: text messages asking taxpayers to disclose bank account information under the guise of receiving Economic Impact Payments; phishing…

Taxes: Interest Income & Charitable Donations

2021 – 02/05 As tax season kicks off on Feb. 12, 2021, the IRS wants to remind taxpayers of some points they might miss. For example, taxpayers who received interest income (of at least $10) from the IRS will be sent a Form 1099-INT, which must be reported on the 2020 tax return. Many received…

Deductions on Charitable Contributions

2021 – 2/01 The Consolidated Appropriations Act (CAA), enacted on Dec. 27, 2020, allows corporations to deduct up to 100% of taxable income for charitable contributions for disaster relief. The IRS recently offered more details on requirements for the temporary deduction: 1) Qualified contributions must be paid by a corporation from Jan. 1, 2020, through…

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