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Douglas Freeman

Estimated tax payments: The deadline for the first 2021 installment is coming ups

AGI (Adjustable Gross Income), Annualized Income Method, Capital Gains, Income Tax, Tax, Tax Deadlines, Tax Planning /

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money, or other income. […]

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PPP adjusted to prioritize very small businesses

(CARES ACT), Independent Contractors, Paycheck Protection Program, Self Employed, Small Business, Sole Proprietors /

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15

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Retiring soon? Recent law changes may have an impact on your retirement savings

Independent Contractors, Retirement, Tax, Tax Planning, The SECURE Act /

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of

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Work Opportunity Tax Credit extended through 2025

Employees, Small Business, Work Opportunity Tax Credit /

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600, and $9,600

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Should your business add Roth contributions to its 401(k)?

401K, Employees, Roth IRA, Small Business /

If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences. Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to

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Didn’t contribute to an IRA last year? There still may be time

AGI (Adjustable Gross Income), Contributions, IRA, Roth IRA /

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax

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If you run a business from home, you could qualify for home office deductions

2020 Tax Return, Business Deductions, Business Expenses, Home Office Deduction /

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the

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What are the tax implications of buying or selling a business?

Business Income Tax, C Corporation, Federal Income Tax, Partnerships, Past-Through Entities, S Corporation, Small Business, Tax Planning /

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal. Under current tax law,

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Did you make donations in 2020? There’s still time to get substantiation

(CARES ACT), 2020 Tax Return, Charitable, Deductions, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Itemized Deduction, Tax, Tax Deduction, Tax Planning /

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required. To support a charitable

Did you make donations in 2020? There’s still time to get substantiation Read More »