From the beginning of 2021, the highest earnings that will apply to the SS (Social security) payroll tax will rise from 137,700 to 142,800 dollarsAccording to the increase in the national...
Posted by Abundant Wealth Planning LLC on 11/19/2020
Congress retroactively repealed the 2017 Tax Act that imposed income taxes on unrelated business income tax on non-profits that provided employees with qualifying transportation benefits....
Posted by Income Taxes and Bookkeeping LLC on 11/18/2020
There are essential elements in the 2018 tax law changes that will affect farmers and their families. These changes span through to 2025.Effect on Individuals Standard Deduction:...
Posted by Carmen Garcia on 11/18/2020
There is a short provision on the new tax reform bill that was just enacted which might impact how employees settle sexual harassment claims. According to section 13307 of TCJA, there...
Posted by Don Bell Law on 11/18/2020
The participation exemption system will allow the United States to transition to a quasi-territorial system that will effectively replace the current external tax credit system. Under...
Posted by Aurelia E Weems CPA on 11/17/2020
Congress passed major tax reform in the Tax Cuts, and Jobs Act passed on December 22, 2017. This legislation, which affects individuals and businesses, is known as the TCJA or Reform...
Posted by BEST FINANCIAL GROUP LTD on 11/17/2020
People could deduct all kinds of crazy expenses from their tax returns, like the depreciation on ostriches and the cost of clarinet lessons. And yes, people have been successful in...
Posted by UNIVERSAL ACCOUNTING & FINANCIAL SERVICES INC. on 11/17/2020
The IRS issued depreciation limits for commercial passenger cars placed in service by taxpayers in 2020. The IRS also released annual income inclusion values for these vehicles first...
Posted by Elliot Kravitz, ATP on 11/16/2020
Even though the TCJA of 2017 hit several small businesses, a couple of these businesses enjoyed relief. While many enterprises want rate change and extra deductions, wine producers,...
Posted by The TaxAdvocate Group, LLC on 11/16/2020
