Know the Nuances of the Nanny Tax Many families hire household workers to care for their children, their home or their outdoor spaces. If you’re among them, be sure you know the nuances of the “nanny tax.” Withholding taxes For federal tax purposes, a household worker is anyone who does household work for you and […]
Monthly News
Curtailing Cryptocurrency Tax Surprises & A Tax Quirk of Being a Business Partner
Curtailing Cryptocurrency Tax Surprises As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax purposes and even asks about it on Form 1040. Many transactions involving cryptocurrency — such as purchases of goods or services […]
2 More Ways Parents Are Benefitting From the American Rescue Plan Act & Revisiting Worker Classification Rules
2 More Ways Parents Are Benefitting From the American Rescue Plan Act When you think back on this spring, you may fondly recall a substantial deposit made to your bank account by the federal government (if you were eligible). Economic Impact Payments were a focal point of the American Rescue Plan Act (ARPA), signed into […]
3 Things to Know After Filing Your Tax Return & The Tax Treatment of Start-up Expenses
3 Things to Know After Filing Your Tax Return Given that it’s after April 15, normally most people would have filed their income tax return by now. But with the deadline for filing 2020 individual returns pushed out to May 17, you might not have filed yours quite yet. Or you might be taking advantage […]
ARPA Provides More Than Just Direct Payments to Taxpayers & Can Your Business Benefit From the Enhanced Employee Retention Credit?
ARPA Provides More Than Just Direct Payments to Taxpayers On March 11, another round of COVID-19 relief legislation was signed into law. The American Rescue Plan Act (ARPA) includes funding for individuals, businesses, and state and local governments, but also some significant tax-related provisions. ARPA extends and expands some tax provisions in the CARES Act […]
Claiming the Home Office Deduction & How the CAA Affects Education Funding
Claiming the Home Office Deduction Many people have found themselves working from home during the COVID-19 pandemic. If you’re one of them, you might wonder, “Can I claim the home office deduction on my 2020 tax return?” The short answer is: Only if you’re self-employed. Employees can no longer claim home office expenses, and even […]
