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Investing in Your Financial Future
If you’re like most business owners and self-employed individuals, 2020 taught you how important it is to have well documented financial records. If applying for PPP or EIDL was a scramble, it’s time you consider finding a professional CPA. We take great pride in knowing that our clients had the necessary documents at their fingertips…
November 30, 2020
Disability income: How is it taxed?
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the income is paid directly to you by your employer, it’s taxable to you as ordinary…
November 5, 2020
Finances Don’t Have To Be Scary
It may be Halloween, but nothing is as scary as not understanding your financial situation. When was the last time you took an in-depth look into your finances? This year seems to have forced many people and businesses to evaluate their budgets. While some may avoid conversations about money, a thorough financial evaluation can help…
October 31, 2020
New business? It’s a good time to start a retirement plan
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible for these tax advantages: A current deduction from income to the employer for contributions to the plan, Tax-free buildup of the value of plan…
October 27, 2020
Buying and selling mutual fund shares: Avoid these tax pitfalls
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows you to write checks against your fund…
October 21, 2020
The 2021 “Social Security wage base” is increasing
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021, the FICA tax rate for both employers and…
October 19, 2020