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Anthony, Here Are Your Articles for Wednesday, May 10, 2023
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Saved Articles
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The dreaded AMT has been with us for a while, but that doesn't mean it hasn't changed over the years. Is it likely to affect you, and if so, how? Click through for a review of the AMT and what it may mean to you.
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The pandemic relief measure provides $325 billion in small-business funds and gives businesses another bite at the PPP apple. Click through for the details on what's available to make sure you get the cash you're entitled to.
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Have a memorable Thanksgiving! Wishing you the happiness of good friends, the joy of family and the abundance of the holiday season. Click through for a special Thanksgiving greeting.
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It's never pleasant when layoffs become a necessity, and now the pandemic has turned the process virtual. Conducting layoffs through online meetings is the new norm. Click through for six ways to navigate layoffs in the virtual sphere.
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Managing invoices can be a tiresome task for small businesses. Fortunately, there are ways to simplify the process. Click through to see how QuickBooks can make the whole billing process easier.
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There's no single formula to learn how to work at home, and the practical and cultural issues in each company will make a difference. However, there are some generalities. Click through to learn how to become an efficient and happy online employee.
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It has been a challenging year, but one thing that hasn't changed is taxes. Fortunately, businesses remain eligible for certain deductions. Click through to read about deadlines for key provisions that pertain to your business.
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Accounts receivable are the bane of businesses even in good financial times. Now, in this difficult times, managing account receivables is more important than ever. Click through to learn how to take control of cash flow.
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The SECURE Act repealed a Tax Cuts and Jobs Act change in the Kiddie Tax and is effective in 2020 and beyond. Click through for the complex details on the current and retroactive changes to this often-misunderstood tax.
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The Covid-19 pandemic — like earlier business crises — has forced many businesses to make hard choices regarding their future. Click through to learn about restructuring debt and whether that's an option you should consider.
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As the year winds down, the government changes a variety of numbers affecting tax and other financials. How do these changes affect you or the companies you manage? Click through for a review of the 2021 changes.
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The IRS has published a Revenue Procedure and a Revenue Ruling to try to clarify certain complex and controversial details in PPP loan forgiveness. Click through for a summary of the new IRS guidance.
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The recently passed American Rescue Plan Act is chock-full of provisions, and the IRS has started to issue guidance on key aspects. Click through for some additional details on this important new law.
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Tax season is winding down for this year, but it's not too early to start planning for next year! Click through to find out how to reduce difficulties by saving information and keeping it at your fingertips.
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Retaining loyal customers is different these days. Click through to read more about how consumers look at products and what your company can do to be more appealing to your target customers.
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Estate planning is complex enough, and when you're living overseas, that just makes it worse. Click through to learn about the myriad techniques that can mitigate the punitive effect of transfer taxes.
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Business owners lose about $50 million a year to employee theft and fraud, according to the U.S. Chamber of Commerce. Click through for a glimpse at some of the many ways employees could be stealing from you.
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Traditional pensions plans and 401(k)'s may not be appropriate for small businesses and the self-employed. However, that doesn't mean there are no other options. Click through to learn about the powerful and adaptable SEP-IRA.
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Tax responsibilities don't end with death. Indeed, it's an important part of the executor's job to file the deceased person's state and federal final income tax returns for the year of death. Click through to address specific tax filing responsibilities.
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A company-sponsored retirement plan is one of the most popular benefits a business can offer its employees. But it's not a one-way street: A retirement plan offers advantages to employers as well. Click through to learn what's in it for the company.
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The COVID-19 pandemic has wreaked havoc with staffing at companies of all sizes. Can you prepare for any new disasters that lead to major layoffs? Click through for some thoughts on cross-training, which can ensure all tasks are covered.
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The new round of Paycheck Protection Program loans is available to both new and second-time borrowers. Who gets the money? And what are the rules? Click through to see what might be in store for your business.
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Business expenses are the cost of carrying on a trade or business, and there may be some tax breaks there. But a lot has changed in recent months, and the rules can be complicated. Click through for an overview of business tax deductions.
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Selected for an audit? It doesn't always mean there's a problem. But you should have a plan to address it to get through the audit as painlessly as possible. Click through for tips on what to do if the IRS selects you.
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Last year the government created an employee retention tax credit to keep employees on their payroll. Recent tweaks have made it even more attractive. Click through to see if it's something your business should take advantage of.
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The benefits of retirement programs, for both companies and employees, can be substantial, but the rules are complicated. You need to figure out how to help your employees while being compliant. Click through for an introduction to 401(k) plans and their rules.
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The American Rescue Plan Act has been much tweaked and much debated. But what's actually in it and who benefits from it? Click through for a summary of the main provisions of this landmark 600-page bill.
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As more and more of our life is lived online, it’s more important than ever to protect your accounts and information. It’s especially vital when tax season rolls around. Click through to learn why that is and how to protect yourself.
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The PPP loan program, which has proved a lifesaver to many businesses during the pandemic, is getting a reprieve — eligible businesses now have until May 31 to apply. Click through for the details on the extension.
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Legislation passed in March gave a break to many taxpayers who received unemployment insurance payouts in 2020. Click through for IRS guidance on how to make sure you reap the benefits.
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Earlier in 2021, legislation gave a boost to businesses by raising the 50% deduction to 100%. But what is included, or excluded, under the new rules? Click through to make sure you understand the details before claiming the deduction.
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As new entrepreneurs start their businesses, they need to understand the special financial concerns of a startup. Click here to read more.
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Workplace style during the pandemic took a dramatic shift to casual attire. Was this a one-time change or was it permanent? Click through to see whether office dress codes will return to pre-pandemic button-downs and slacks.
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No one is completely safe from financial scammers, but bad actors tend to target certain groups. If you're part of these target groups or have a friend or loved one who is, be on alert. Click through to learn who should be extra careful and why.
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Profitability determines whether your business stays in business. That seems obvious, but it's more complicated than it seems. Click through to learn about the different ways to analyze profitability.
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It may seem simple: You owe the government the taxes you withhold from your workers, and you write a check to the IRS. But it's a lot more complicated. Click through for the basics on remitting employment taxes.
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In January 2021, the Department of Labor issued a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. It has now withdrawn the rule. Click through for a review of what this means.
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Do you rely on seasonal employees to fill staffing shortages during holidays or busy periods? Click through for insights into navigating seasonal employment.
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Are you cleaning out old filing cabinets or your attic? You no doubt are coming across reams of old financial papers. Do you need to keep them? Click through for some guidelines on what to save.
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There's nothing wrong with dealing in cash, but you do need to know that cash transactions of more than $10,000 need to be reported to the IRS. Click through to get facts about reporting such payments.
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If your business has been affected by the pandemic, the SBA offers options. An EIDL can also help businesses, including nonprofits. Click through for an introduction to its provisions to see whether it's right for you.
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Filial responsibility laws are legal rules that hold adult children financially responsible for their parents' medical care when parents are unable to pay. Click through to learn how they can impact parents' long-term health care concerns.
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The unemployment insurance program can be an enormous help, but there are always those who scam the system, especially in the past year, when there was an uptick in claims. Click through for more on the most recent unemployment scams.
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Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses. Click through for an introduction to the complex world of business tax deductions.
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Have a hobby that's also a source of income? The line between business and hobby can be a thin one, and the rules are complex. Click through for some insights that will help you make sure that you're in compliance and that you're not missing any allowable deductions.
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When you sell a capital asset, the sale results in either a capital gain or capital loss. The government wants a full accounting, and the rules are complicated. Click through to learn what you have to report on Schedule D of Form 1040.
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Many people think that tax deductions and credits are the same, but they're not. Tax deductions reduce your taxable income, but tax credits reduce your tax bill dollar for dollar. Click through to find out what that means and when it matters.
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It's been a busy few months on the tax front, and as the filing date draws closer, the IRS is giving some filing advice. Click through for a summary to help you prepare for your financial reckoning on April 15.
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Do you need a trust, or is a will enough? Many people think that trusts are just for the very wealthy, but even those with modest incomes may find them useful. Click through to learn whether a trust is right for you.
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The federal government typically taxes unemployment compensation, but it granted a partial break for income earned in 2020. That break has expired. Click through to learn what to expect for unemployment compensation earned in 2021.
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If you don't qualify for the child tax credit, you may be able to claim the credit for other dependents. Click through for an introduction to this often forgotten tax break, to see whether you're eligible to claim it on your tax return.
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S-Corps are a special kind of business entity, and they have their own special tax rules, which can get complicated. Are you making sure you're following all the filing rules? Click through for an intro to the complex world of S-Corp taxation.
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If you have employees, you must report and pay unemployment taxes to the IRS — and the devil is in the details. Click through for the rules of how to set aside amounts for the tax and report it on Form 940.
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If you're a typical worker, your employer withholds taxes from each paycheck. But for the self-employed, it's a different story: they have to file estimated taxes throughout the year. Click through for an overview of the estimated tax rules.
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2020 was a hard year. But taxes for that crazy year still will be due on April 15, 2021, and if you underestimated the amount of tax you owe, you may be subject to a hefty penalty. Click through to find out whether you could be delinquent.
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More than ever, in today's tumultuous world, it is important to maintain a good credit score, even while economic difficulties make it tough. Click through to learn how to build and maintain healthy credit habits in good times and bad.
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An offer in compromise allows you to settle your tax debt for less than the full amount you owe. And in this complicated tax year, you may want to know more about it. Click through to understand how to take advantage of this program.
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The IRS has announced that the federal income tax filing due date, as well as any payments, for individuals for the 2020 tax year will be automatically extended to May 17. Click through to learn how this will work.
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The IRS has previously announced that the federal filing due date for individuals was extended to May 17. Some other dates—but not all of them—have also been moved. Click through to make sure you're up to date on IRS dates.
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Have you ever started to fill out a tax return only to realize that you don't have the paperwork you need to claim all the credits and deductions you are entitled to? Click through for a guide to the files you should be saving to make sure you get the maximum deduction.
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Are you a nonresident alien engaged in a trade or business in the United States? There are some special tax rules for you. Click through to learn about what your responsibilities are and the basics of Form 1040-NR.
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When you include family members in your business operations, there are tax treatments and employment tax rules that need to be applied. Click through to learn the right way to hire a family member.
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Wishing you a safe, fun and happy 4th of July! Freedom has its life in the hearts, actions and spirit of the American people. Click through for a special Independence Day greeting.
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Even as we have grown more sophisticated in the way we use social media, so have scammers. According to the IRS, social media crimes are growing more common. Click through to learn why that might be and what to look out for.
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When you open a new business, it can take a while before you learn what indicators govern your business's success. Click through for a review of the numbers that owners need to keep an eye on.
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The world of hiring is going through seismic changes. Whatever methods you used in the past won't work for you now. Click through for some hiring secrets that will help you find more qualified candidates faster and more easily.
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Cryptocurrency is not a fad. It is here to stay. That is clear from the proposed Infrastructure Investment and Jobs Act, which includes provisions about how cryptocurrency is taxed. Click through to see what may be on the horizon.
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Generally, you should keep tax records for three years after you file a return, but there are times when you’ll need older files. Click through to learn how to be prepared.
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The IRS warns tax filers to avoid falsely inflating deductions or expenses on tax returns. This isn't a minor infraction that gets winked at. Click through to learn which areas the agency is zeroing in on.
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When operational efficiency is healthy, your business can cut down on unnecessary costs while increasing revenue. Click through for some thoughts on how you can make your business more efficient.
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The IRS has released guidance explaining how legislation passed in December 2020 delivered several provisions to help individuals and businesses that give to charity. Click through to make sure you're taking full advantage of the current tax rules.
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Do you know what estate planning really is? Some people think it's only for the very wealthy, or that they don't have to worry about it until they're old—but those are misconceptions! Click through for the real facts on estate planning.
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Offering the right employee benefits can help employers attract and retain employees. Before deciding to offer a benefit to the workforce, however, it is important to understand the difference between taxable and nontaxable benefits. Click through for an overview of how benefits are taxed.
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If you're rehabilitating a historic home, you may be able to claim a rehabilitation tax credit. But the devil is in the details, and it's about more than just the house being old. Click through to learn about the conditions you need to meet.
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Profit-sharing is a group incentive plan for employees to share in profits. Click through to change your culture from "Let’s get it done" to "We’re all in this together."
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Do you want to provide for a surviving spouse yet maintain control of how your trust's assets are distributed once that spouse dies? The qualified terminable interest property trust may be the tool you need. Click through to learn what a QTIP trust lets you do.
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Small-business owners who operate more than one LLC may find it advantageous to form a holding company to manage all of the entities. Click through to learn the pros and cons so you can see if it makes sense for you.
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The Child Tax Credit is a powerful savings tool, but it's not the only deduction available for families. The Credit for Other Dependents can also help. Click through to learn who can claim it and how it works.
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The fourth quarter is a good time to take stock of your tax situation and ask yourself the important questions: Do you need any adjustments to your withholding? What 2021 changes will affect you when you prepare your taxes? Click through for an end-of-year tax review.
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Office-friendly tools for your workspace can help you enhance efficiency and decrease stress. Click through to learn what remote workers look for among new gear and apps.
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Want to seek relief from penalties that resulted from your spouse's underpayment of tax? Click through to learn how you can protect yourself.
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When an employee hands in their two-week notice of resignation, it triggers payroll questions, including whether the employee should be paid at all. What are the rules and best practices for this situation? Click through for information to help you create a policy.
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Are you considering incorporating or forming an LLC? What are the practical and financial implications for you and your heirs? Click through to learn the advantages of moving beyond a sole proprietorship.
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A lot may happen in the coming months to change the tax situation — or everything may remain the same. Click through for a summary of proposed tax changes targeting businesses and high net worth individuals to see how the scenario may play out.
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If you're running a business, you don't only have to worry about your own personal taxes. You have to concern yourself with your company's taxes as well. Click through for an introduction to business taxes.
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What you think you know about taxes and divorce may be wrong. The Tax Cuts and Jobs Act changed the rules and whether you're paying or receiving, you need to know the details. Click through for guidance on the tax situation surrounding alimony.
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Forensic accountants can value a business as well as calculate losses and potential legal damages. Might they be able to help you? Click through to learn when you need to employ a forensic accountant and how forensic accounting works.
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If you're offering a retirement plan, whether it's just to yourself in a one-person operation or to any employees, you need to know the tax consequences. Click through for an overview of tax rules as we enter tax season.
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You hear a lot of talk about having an estate plan, but what is it all about? What are the pieces in a plan—is it more than just a will? Click through for an overview of an estate plan, to help you understand why everyone needs one.
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We are often urged, with good reason, to make a will to help put our lives in order. It’s a responsible and worthwhile thing to do — but not the only thing. Click through to learn when a will is not the best route.
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529 savings plans can do more than just help you pay for college, and now is a good time to consider just how flexible they can be. Click through to take advantage of the myriad benefits of a 529 plan in a pandemic-affected economy.
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Bonuses are one of the best ways to motivate employees. But to actually work, a bonus program must be thoughtfully designed. Click through to learn about characteristics of an effective program.
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Looking to win the battle for consumer attention? Click through to find out how to captivate customers.
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Can small-business insurance help you with your pandemic losses? Click through to find out.
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A life insurance policy is considered property, and that means it can be sold. This can prove advantageous in difficult circumstances. Click through to discover what life settlements can do and what they can't do.
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and does not constitute the provision of legal advice, tax advice, accounting services,
investment advice, or professional consulting of any kind. The information provided herein should not be
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advisers. Before making any decision or taking any action, you should consult a professional adviser who
has been provided with all pertinent facts relevant to your particular situation. Tax articles in this
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avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information,
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