Category: Tax Planning
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million … Read More »
Tax Planning. Comments Off on Did you get an Economic Impact Payment that was less than you expected?
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and … Read More »
Tax Planning. Comments Off on There’s still time to make a deductible IRA contribution for 2019
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as … Read More »
Tax Planning. Comments Off on Hiring independent contractors? Make sure they’re properly classified
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by … Read More »
Tax Planning. Comments Off on COVID-19: IRS announces more relief and details
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Employee retention credit
The … Read More »
Tax Planning. Comments Off on The new COVID-19 law provides businesses with more relief
Business Owners: During these difficult times, please consider our Outsourced Bookkeeping and Administrative Services.
New York State defines accounting as an essential business. We are operating from our office in New York City (per CDC guidelines, we are taking voluntary social … Read More »
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April … Read More »
Tax Planning. Comments Off on Individuals get coronavirus (COVID-19) tax and other relief
The IRS announces that income tax payments due April 15 can be deferred to July 15, regardless of the amount
The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the wake of the coronavirus (COVID-19) pandemic. After previously announcing that taxpayers could defer making federal income tax payments up to … Read More »
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the … Read More »
Tax Planning. Comments Off on Why you should keep life insurance out of your estate
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, … Read More »
Tax Planning. Comments Off on The 2019 gift tax return deadline is coming up