The onset of the COVID-19 pandemic in March 2020 disrupted the personal finances of many families who were negatively affected by job losses, reduced income, sickness and other challenges. This included families across the economic spectrum and workers in a wide range of both blue-and white-collar industries. The virus’s rapid and continued spread – and [...]
Many businesses need to invest in heavy sport utility vehicles (SUVs) to transport equipment and provide timely services. Fortunately, they may be able to claim valuable tax deductions for the purchases. If you’re thinking about buying one, be sure to brush up on the tax rules first. BONUS DEPRECIATION Under current law, 100% first-year bonus [...]
January 18 Individual taxpayers’ final 2021 estimated tax payment is due. January 31 File 2021 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to employees. File 2021 Forms 1099-NEC (“Nonemployee Compensation”) (paper or electronic) reporting nonemployee compensation payments to the IRS and provide copies to recipients, along with a [...]
If you own a business, you may wonder whether you’re eligible to take the qualified business income (QBI) deduction. (It’s sometimes referred to as the “pass-through” deduction or “Section 199A” deduction.) The QBI deduction is available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations, as well as trusts and [...]
Whether you’re in the process of making a retirement or estate plan, or intend to donate property to charity, you’ll need to know the value of your assets. For many hard-to-value items – such as closely held business interests, real estate, art of collectibles – an appraisal may be necessary. RETIREMENT AND ESTATE PLANNING To [...]
If you’re a gig worker or otherwise self-employed, and you don’t have taxes withheld from a paycheck, you likely have to make quarterly estimated tax payments to the IRS. Be advised that the fourth quarter 2021 estimated tax payment deadline for individuals is coming up on Tuesday, January 18, 2022. A PAY-AS-YOU-GO SYSTEM Even if [...]