SIMPLIFIED ACCOUNTING FOR SMALL BUSINESS

Simplified accounting for small business. The IRS  finalized updates to various accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax cuts and Jobs Act, P.L. 115-97. The regulations finalize proposed regulations issued with a few changes in response to comments that were made. For […]

STIMULUS AND 2020 TAXES INTERTWINED

Stimulus and 2020 taxes intertwined. Your taxes have a lot more to do with your stimulus checks than you may think—and that goes for the first and second direct payments as well as a potential third stimulus check. Your federal income tax plays a major role in determining the size of the check the IRS […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

RETIREMENT ENHANCEMENT ACT EXPLAINED

Retirement enhancement act explained. This Act, also known as the Secure Act, allows for non-taxable income received by home healthcare workers “difficulty of care” payments, to be treated as compensation for purposes of contributing to defined contribution plans and IRAs. The maximum penalty free distribution is $3,000 per individual per birth or adoption. As  a […]

TAX TIPS FOR MARRIED COUPLES

Tax tips for married couples. Married couples have three filing choices they can make. They may file married filing jointly, which is the most popular, due to the fact it lowers couples tax bracket the most in most situations, married filing separately, and head of household. The standard deduction depends on which filing status you […]