The Work Opportunity Tax Credit (WOTC) is a tax credit program initiated by the federal government through the Internal Revenue Service to increase employment opportunities for specific groups of people who might otherwise find barriers to employment. As a business owner, if you hire an employee from one of the target groups outlined by the WOTC program, you are eligible …
If tax season has you swimming in paperwork, you may be wondering which documents you really need to keep and for how long. In fact, we receive this question a lot from our clients, so we decided to put together this comprehensive guide to clarify which documents you need to keep and how long you need to keep them. Keep …
The latest COVID-19 relief package passed by Congress in December 2020 provides expanded support for Americans hard-hit by the coronavirus pandemic. In this article, we provide an overview of the new and expanded provisions set forth by the government relief package for small businesses, so you can take advantage of the financial safety net they offer in 2021. Paycheck Protection …
Attorneys have a unique set of considerations when choosing their tax structure due to their high incomes and professional regulations. State law limits the types of business entities you can select from, but you still have a number of federal tax options you can use to lower your taxes.
As Benjamin Franklin once pointed out, there are only two certainties in this world, and they are death and taxes. That hasn’t changed, and today there are many different taxes to be aware of. Property tax is one of the most common, yet the most misunderstood of all the taxes. So to help new homeowners here is our beginner?s guide …
When the Tax Cuts and Job Act limited state and local tax deductions to $10,000, people with higher state and local taxes were understandably upset at losing their deductions. Some state governments listened to their voters and tried to give them a way around the cap — allowing them to donate to specified charitable funds rather than pay taxes. These …
Whether you’re starting a new business or you’ve recently increased your workforce, it’s important to ensure you’re complying with the Affordable Care Act (ACA) when providing health care options to your employees. Understanding the basics can help you avoid unnecessary penalties later on down the road, too. Here are some practical ways to be ACA-compliant: 1. Consider the Size of …
There are less than three months left in the year. Think that means six months before you have to think about your taxes in March or April? Think again or be ready to pay the price. 1. Avoid Surprise Bills and Estimated Tax Penalties Tax reform was called the Tax Cuts and Jobs Act, but thanks to the end of …