Work Opportunity Tax Credit extended through 2025
Are you a business owner thinking about hiring? There is good news in that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, […]
April 15 tax payment deadline extended
Treasury Secretary Steven Mnuchin announced that individuals can defer tax payments up to $1 million and corporations can defer tax payments up to $10 million for 90 days. The $1 million limit for individuals was established to cover small businesses and pass-through entities. The payment deadline extension is in response to the COVID-19 outbreak. At the time […]
The 2018 gift tax return deadline is almost here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements Generally, you must file a gift tax return for 2018 […]
Updated Form W-4 and withholding calculator now available
The new version of Form W-4 and an updated withholding calculator to reflect the recent tax law are now available. The Tax Cuts and Jobs Act, which was signed into law in December, made major tax law changes for individuals, including changing tax rates and tax brackets. The IRS issued in January new withholding tables […]
There is more than one way to pay your taxes
Just as more and more businesses accept electronic payment for purchases or bills, so too does the IRS. Of course, you can still pay your taxes each year or quarterly by check or money order, but you can also use other options such as: Direct pay through your checking or savings account. This service is […]