More guidance issued on Massachusetts sales and meals tax changes
We advised you a couple months ago that beginning April 1, Massachusetts had enacted accelerated remittance of sales and meals tax. Few details were available at that time, but the state has recently updated its guidance so we wanted to provide you more information. According to the state, businesses that had $150,000 or more in sales […]
Webinar: How Does ARPA Help Your Business?
What: Webinar on how ARPA helps business owners When: 3 p.m. (ET) Tuesday, March 23 REGISTER HERE: How Does ARPA Help Your Business? President Biden recently signed the American Rescue Plan Act of 2021, which contains several Covid-relief measures. Many provisions impact business owners in general and restaurant owners in particular. Frank McLaughlin, CPA, a […]
CARES Act changes how business losses are treated
In addition to the relief offered to individuals and business owners impacted by the COVID-19 outbreak, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) also contains modifications for how business losses are treated for tax purposes. What is an NOL? Generally, a net operating loss occurs when your deductions for the year are […]
IRS Tax Tip: Tax credit available for parents who adopt
Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same. Here are some facts to help people understand the credit and if they can claim it when filing their taxes: The maximum […]
IRS Tax Tip: 5 steps to protect against identity theft
All taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity. Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a stolen Social Security number. The IRS and its partners […]
IRS Tax Tip: Gather records early for a smoother tax season
As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return. It’s important for folks to have all the needed documents on hand before starting to prepare their return. […]
Do you run your business from home? You might be eligible for home office deductions
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]
IRS Tax Tip: Common errors taxpayers should avoid
Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing delay, which can mean it takes more […]
IRS Tax Tip: Know the difference between standardized and itemized deductions
It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Individuals should understand they have a choice of […]
IRS Free File is good option for many employees
Younger taxpayers who want to get a head start on filing their taxes can take advantage of IRS Free File. IRS Free File, which will open to taxpayers on Monday, Jan. 27, is available for taxpayers with modest incomes – less than $69,000 – making it the ideal solution for hourly employees and those still […]