Business

More parents may owe “nanny tax” this year, due to COVID-19

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nanny tax

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations.

Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who aren’t independent contractors.
Continue Reading: More parents may owe “nanny tax” this year, due to COVID-19

The tax implications of employer-provided life insurance

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life insurance tax implications

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.

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How businesses can qualify for the Fed’s new Main Street Lending Program.

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Main Street Lending Program

Contact us if you have any questions.

CARES Act tax breaks to help retail businesses.

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CARES Act tax breaks to help retail businesses.

Why you should keep life insurance out of your estate

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life insurance

If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax.

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Your home office expenses may be tax deductible

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Home Office Deduction

Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it.
 
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Is it time to be changing Employee Performance Reviews?

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Change Employee Performance Reviews infographic

5 Ways to Trim 2019 Taxes for Accrual-Based Businesses

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Image with 5 ways to trim 2019 taxes for accrual-based business

The next estimated tax deadline is September 16: Do you have to make a payment?

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Self-employment tax due

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.
Continue Reading: The next estimated tax deadline is September 16: Do you have to make a payment?

Avoid common slip-ups when selling your business

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tips on selling your business