Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals.
The Internal Revenue Service has a new form available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA).
Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to face masks, ...
Ghost preparers get their scary name because they don’t sign tax returns they prepare. Like a ghost, they try to be invisible to the fact they’ve prepared the return and will print the return and get the taxpayer to sign and mail it.
The deadline for income taxes to be filed in the U.S. is again April 15, 2021, but after a year of living with the covid pandemic in our business and society, many tax professionals think an extension, as happened last year, could be beneficial.
The FFCRA credit offsets the Social Security tax component of federal payroll taxes. Eligible employers could claim the credits on their employment tax returns or benefit faster by reducing their federal payroll tax deposits.
The new Covid relief law, enacted Dec. 27, temporarily increased the limit, to up to 100% of a corporation’s taxable income, for contributions paid in cash for relief efforts in qualified disaster areas.
Are you or someone in your family—say, a child who recently graduated from college—embarking on a new career? It’s not too early to start saving for retirement. In fact, it’s generally recommended that you begin retirement planning once you’re ...