18 11, 2020

Fringe Benefits and Health Insurance Premiums

This is a friendly reminder to inform your payroll administrator to add any accident, dental, vision, hospital, long-term care, and health insurance premiums paid by the company and personal use of employer’s vehicles to your last paycheck of the year. Failure to properly report S-Corp health insurance can result in a penalty. You can

16 11, 2020

IRS Releases Key 2021 Tax Information

The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the

5 11, 2020

Tax Savings for Non-Itemizers

A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you now have few additional benefits available to reduce your tax bill. This is often not the case. Standard or Itemize? Every taxpayer can take the Standard Deduction to reduce their income. However, if your

29 10, 2020

The Lost Art of Tracking Home Improvements

One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law is changed? What

28 10, 2020

To Amend or Not Amend?

There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the IRS's favor Errors discovered that lead to an additional tax

19 10, 2020

2021 Social Security Changes Announced

The Social Security Administration announced a 1.3 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2021. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2020. For those contributing to Social Security through wages, the potential maximum income

7 10, 2020

Is a Tax Trap Lurking in Your Paycheck?

Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This

29 09, 2020

Don’t Run the Risk of a High Tax Bill!

How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking advice before you act. Getting married Selling a