Are You a Contractor or Employee? – Knowing the difference is very important

A recent voter initiative in California overrules the state's desire to make all Uber and Lyft drivers employees. This puts a spotlight on all workers to know the difference. Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states …

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January Client Update Newsletter

Happy New Year! The new year begins with more stimulus payments and other financial assistance courtesy of the latest COVID relief legislation. Read about how the new bill affects your tax and financial outlook. Also in this month's edition is good news for business owners regarding the tax deductibility of expenses paid for using PPP …

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Reminder: Fourth Quarter Estimated Taxes Now Due – Now is the time to make your estimated tax payment

Plan now to make your 4th quarter estimated tax payment. If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2020 fourth quarter due date is now here. Due date: Friday, January 15, 2021 You are required to …

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2021 standard mileage rates decrease

2021 Mileage Rates are Here!New mileage rates announced by the IRS The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car …

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Your Home. A Bundle of Tax Benefits.

Are you capturing all the tax benefits built into homeownership? Here are the most common. There are many tax benefits built into home ownership. Here is a review of the most common. It may be worth a quick check to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is …

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A Dozen Year-End Small Business Tax Tips

Save money and get ready for tax season with these year-end small business tax tips. Also read how to make cold calling a key part of your business development toolbox. As 2020 winds down, here are some ideas to consider to help manage your small business and prepare for filing your upcoming tax return. Identify …

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