Tax & Business Newsletter: April 2021

Recent legislation provides another round of financial assistance for qualifying businesses. Also read about several suggestions for managing remote workers in your business. More Financial Assistance Available for Businesses PPP loan application deadline extended to May 31 Businesses can get another round of financial assistance courtesy of the recently-passed American Rescue Plan Act and an …

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Thinking of Selling Your Home?

Hot housing market requires tax knowledge With housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the …

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IRS explains which meals qualify for temporary 100% expense deduction

The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25). Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% …

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Reminder: First Quarter Estimated Taxes Now Due Now is time to make your estimated tax payment

Time to make an estimated quarterly tax payment! Despite the individual tax filing due date being delayed until May 17, 2021, there is no delay in paying first quarter estimated tax payments for the 2021 tax year. So it is time to review your tax situation for the 2021 tax year and make an estimated …

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Did you lose your job in 2020? You may be eligible for extra stimulus money

Did you just get surprised by a little extra stimulus cash in your bank account? The Internal Revenue Service said late Thursday that its third batch of payments includes what it calls the first of many "plus-up" stimulus payments. The “plus-up” payments will continue on a weekly basis going forward, the IRS said, as the …

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Amounts paid for personal protective equipment qualify for medical deduction

The IRS said on Friday that amounts paid for personal protective equipment (PPE), including masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 can be treated as amounts paid for medical care under Sec. 213(d) (Announcement 2021-7). As a result, amounts paid by an individual taxpayer for COVID-19 …

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