If you are self-employed or working in a job that doesn’t provide a typical W2, you may have irregular income and pay quarterly, estimated tax payments. If you are a W-2 employee, it’s likely your employer withholds taxes from your paychecks. In either scenario, when you complete your income tax returns your actual tax liability is …
Understanding the Safe Harbor rule and how to avoid penalty Read More »
If you’ve dined with a client or hosted an employee event this year, you may be wondering which of your expenses are tax deductible. New for tax years 2021 and 2022, business meals are temporarily 100% deductible. See the chart below to understand allowable business deductions and contact our tax advisors to best navigate your …
With the end of the 2021 quickly approaching, income tax return season will arrive before we know it! Start planning now to minimize the tax implications in your next return. Read on to understand what’s new and updated from the previous year, and as always, contact your tax advisors at Lodovico & Associates for tailored …
For many business owners, properly classifying workers can make a significant impact in their tax implications or other business expenses such as social security payments. When it comes to determining if a worker is an employee or independent contractor, understanding the key differences could help in reducing tax obligations and minimizing overpayment. Review the scenarios …
The year 2020 proved to be a year like no other. From unemployment to stimulus payments, in preparing for your upcoming tax return filing, there may be various documents to include that weren’t needed in the past. Continue reading for a quick reference on common facts and figures to consider. Then, refer to the chart …
Nearly three years after the Tax Cuts and Jobs Act (TCJA) deemed many entertainment, amusement and recreation expenses nondeductible, we continue to encounter questions about the deductibility of meals, food and beverages. In 2020, the IRS adopted some clarifying points to determine the deductibility of various items. Here are some basic items to keep in …
Calculating deductions: Are business meals and entertainment tax deductible? Read More »
Designed to make it easier for businesses that keep their employees on the payroll despite challenges caused by the pandemic, the Employee Retention Credit (ERC) was created last March as part of the CARES Act. Recently, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended the credit, making a number of changes. One …
Could the Employee Retention Credit benefit your business? Read More »
It goes without saying that 2020 has brought a unique set of challenges to almost all aspects of life. As many of us look forward to brighter days in the future, now is the time to plan for the upcoming income tax return season with year-end tax planning. As we close out the year, consider …
Since the Small Business Association’s Paycheck Protection Program (PPP) stopped accepting new applications in August 2020, many business owners who received a PPP loan are now asking: what’s next? Now is the time to begin preparing the loan forgiveness application and to remain vigilant on documentation requirements. While there are still many factors up in …
2021 Tax Updates and CARES Act Impacts As the COVID-19 pandemic continues to impact our daily lives and the U.S. economy, many of those reaching retirement age are questioning whether now is the time to consider retirement or not. If you’re considering retirement or reviewing your retirement assets like IRAs and 401(k) accounts, it’s important …
If you’re planning for retirement, keep reading. Read More »
