http://kirstincronn-mills.com/?p=933 The Employee Retention Tax Credit was created to encourage employers to continue to pay their employees during the pandemic. This credit which as the result of the CARES act, provides qualifying employers a payroll tax credit on wages paid to employees. The potential credit can be up to $5,000 per employee in 2020 and up […]
http://taltybaptistchurch.org/events/list/?eventDisplay=past Following are some provisions in the Cares Act: Changes related to distributions from retirement accounts The tax can be paid ratably over a 3 year period instead of all in the year of distribution The 10% early withdrawal penalty is waived for distributions up to $100,000 for coronavirus related purposes during 2020 The purposes include […]
When compiling your tax documents remember that…….yes….the IRS wants you to keep track of the mileage for business, rental, etc use. Here’s what they want (in written form) for your records. If you get audited they may ask to see it. Which vehicle and for each Date: the address and mileage from place to place […]
Starting a business can be exciting and daunting at the same time. The IRS offers tips to and things to consider: Business Structure. An early choice to make is to decide on the type of structure for the business. The most common types are sole proprietor, partnership and corporation. The type of business chosen will determine which […]
The answer is almost always NO unfortunately. If the clothing is required to be worn by your employer, your employer won’t reimburse you and the clothing is not something you COULD wear outside of work, then maybe. Suits are a no no….even if you don’t want to wear them outside work….you COULD….so not deductible. Jean, […]
There are lots of ways you can deduct mileage. To do so though, you need to be able to substantiate that deduction. How do you do it? A mileage log for each vehicle including the Date, Destination, Business Purpose, Starting & Stopping Odometer Readings and Miles for that trip. Also keep track of business vs. […]
December 1 was to be the day millions of salaried workers would start being eligible for overtime pay based on change made by the Obama administration. A federal judge blocked this rule to extend mandatory overtime from taking effect. 21 states and a coalition of business groups, including the U.S. Chamber of Commerce, were […]
The IRS and the Department of Labor closely watch how businesses classify workers. There are various penalties for paying someone as a subcontractor when they should be paid as an employee. A 1099-Misc should be used for a subcontractor, not for an employee. An employee should be paid in wages which means the employer must […]
Is it a business or a hobby? Well, the answer to that makes a big difference when it comes to tax ramifications. So….you are in Florida all winter, basking in the glow of the sun. You buy yourself a handy dandy metal detector and you spend 2 hours a day scouring that beach looking for […]
Yep! You heard me correctly. Ohio has a new flat tax. Doesn’t affect everyone but it does affect people with Ohio Business income that is over the amount that can be deducted with that handy dandy Ohio Business Credit. What’s the Ohio Business Credit you ask? Well…..let me tell you. If you have business income […]
