Pay My Invoice

Resources

IRS: Depreciation Deduction

2021 – 08/09 The IRS has issued slightly higher depreciation deduction limits for passenger automobiles placed in service in calendar year 2021. Taxpayers with qualified property (including automobiles) may generally claim an additional first-year depreciation deduction equal to 100% for qualified property acquired after Sept. 27, 2017, and before Jan. 1, 2023. The 2021 depreciation…

Family Leave Credits

2021 – 08/09 The IRS has announced that 2021 family leave credits are available for employees who’ve helped others receive COVID-19 vaccinations. Wages paid for leave taken to accompany an individual who’s obtaining a COVID-19 vaccination (or to care for an individual who’s recovering from a vaccination) may be considered qualified family leave wages for…

IRS: Verifying Your Identification

2021 – 08/09 The next time you call the IRS, you’ll be asked to provide specific information to verify your identification. To that end, the IRS has set out the identity information a caller should have ready. Among other requirements, the caller must provide a Social Security number (SSN) and birth date, an Individual Taxpayer…

IRS: Multi-Factor Authentication

2021 – 08/06 Tax-related identity theft can happen if someone steals your personal information to commit tax fraud. As part of its “Boost Security Immunity” campaign, the IRS is promoting tighter security using effective tools such as multi-factor authentication. This allows a taxpayer to add another layer of protection. It can involve a security code…

DEI programs are good for business

2021 – 08/04 Many businesses are spending more time and resources on supporting the well-being of their employees. This includes recognizing and addressing issues related to diversity, equity and inclusion (DEI). A thoughtfully designed DEI program can do more than just head off potential conflicts and disruptions among coworkers; it can help you attract good…

Get serious about your strategic planning meetings

2021 – 07/28 Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of…

Higher Education Tax Credits

2021 – 07/26 Colleges, universities and trade schools will soon reopen. Whatever form a school takes, higher education is expensive. But the good news is, taxpayers, their spouses or dependents who take post-high school coursework in 2021 may qualify for one of two tax credits that can reduce their tax bills. The American Opportunity Tax…

Teachers: Expenses May be Tax Deductible

2021 – 07/21 Schools will soon be reopening for the fall, and with that comes a nice tax deduction for certain educators. Eligible K-12 teachers, instructors, counselors, principals and aides who make qualified, unreimbursed purchases out of their own pockets can deduct up to $250 of the costs on their tax returns even if they…

Keeping remote sales sharp in the new normal

2021 – 07/21 The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward more digital interactions in sales. Many experts predicted that companies’ experiences during the pandemic would accelerate this trend, and that seems to be coming to pass. As this transformation continues,…

Deferred Social Security Taxes

2021 – 07/20 In a “COVID Tax Tip,” the IRS provides advice on making payments of deferred employer Social Security taxes reported by third-party payers. Under the CARES Act, employers could defer payment of their share of Social Security taxes from March 27, 2020, through Dec. 31, 2020. Employers must pay 50% of the deferred…

Child Tax Credit 2021

2021 – 07/19 On its website, the IRS is providing information on the effects of advance Child Tax Credit (CTC) payments on other amounts owed to or from a taxpayer. Specifically, CTC payments won’t be reduced (that is, offset) for overdue taxes from previous years or other federal or state debts that taxpayers may owe….

©2021 Bland Garvey CPA