In 2020, individuals and businesses can take advantage of temporary changes regarding charitable contributions. Individuals can deduct qualified contributions of up to 100 percent of their adjusted gross income in 2020. Corporations can deduct qualified contributions of up to 25 percent of their taxable income. Any contributions exceeding that amount can carry over to the next tax year 2021.... continue reading →
A variety of changes are underway for individuals and businesses as a result of the pandemic. We hope that this page will help you understand some of the changes, and how they might affect you. Here, you will find links to articles that might be helpful. Employers – Sick and Family Leave Reporting Employers will be interested in reporting... continue reading →
Dear Client, I hope that you are safe and healthy during this time of uncertainty. We extend our best to you and your families. Our offices have received a number of inquiries about government grants, funding, loans or otherwise any assistance available. We are trying to stay updated on the financial climate and respond to you, as quickly and... continue reading →
An accountant and a CPA are experts in the financial realm. However, they differ in some aspects that set them apart. Can you pan out the differences between the two professionals? Don’t worry since we’ve compiled some unique features that make them distinct. Read on to get more insights about their variation. Licensing For starters, accountants do not possess... continue reading →
Revocation of Certified Public Accounts credentials Accountants, the number cruncher’s we rely on them to keep our finances in order and reduce our tax bills. Sometimes our trusted accountants and CPA’s (certified public accounts) start fiddling the books, or run off to Hawaii with our money. When this happens, they need to be put out of business. If you... continue reading →
Having the right insurance coverage is one way we can all protect our financial assets. With insurance, you’re largely protecting yourself against the unknown. However, for individuals living with disabilities, smart financial planning also includes preparing for the long-term costs you know you will face later in life. Protecting Your Family Adults with disabilities are a diverse group... continue reading →
You are always going to spend money on your kids, even when they are grown. When life kicks in, it will be hard for them to find a career they love, and that pays well. Help yourself and help them by giving them a job. Employing your kids is smart. The Tax Advantages Hiring your child has tax advantages... continue reading →
Trusts are taxed differently from regular bank accounts or savings accounts because of how they accrue interest. You need to know the rules when you are planning on using a trust to care for your children or your grandchildren. Plus you need to understand how the income tax is handled when money is taken out of the trust. Each... continue reading →
When Will I Receive My Amended State Return? Each state has its own way of processing amended state tax refunds. Paper returns will take longer. By looking up “Where’s My State Refund”, you will be able to click on your state and find the site for getting the information about your amended return. In most states, if you have... continue reading →
Tax season is a season some taxpayers look forward to every year. The reason being, they will get a refund from the IRS of their weekly withholdings. Despite this refund, there are many taxpayers who have questions about their taxes. For a CPA, it is the busiest time of the year. Here are a few frequently asked questions an... continue reading →