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Many parents will receive advance tax credit payments beginning July 15

5/25/2021

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Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.

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The IRS has announced 2022 amounts for Health Savings Accounts

5/24/2021

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The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).​

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An S corporation could cut your self-employment tax

5/17/2021

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If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation.​

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Working in the gig economy results in tax obligations

5/11/2021

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Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform these jobs, which include providing car rides, delivering food, walking dogs and providing other services.​

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Help ensure the IRS doesn’t reclassify independent contractors as employees

5/10/2021

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​Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error.

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Providing education assistance to employees? Follow these rules

5/3/2021

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Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.”​

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