On August 16th the President signed into law the Inflation Reduction Act of 2022. While there are a lot of moving pieces within the law below are the key points we feel will concern our clients. The law gives the IRS additional funding: $3.18 billion for taxpayer services, $4.75 billion for business systems modernization, $45.6 […]
Employee Retention Credit for Dental Offices
What is the Employee Retention Credit? The ERC is a fully refundable tax credit for a potion of the qualified wages you pay employees. Dental Practices and Employee Retention Credit. Many dental offices qualified for partial ERC in 2020 due to the COVID shutdown. Is my Dental Practice eligible? I keep hearing about the ERC […]
6 Ways Income Taxes Will Be Different in 2021
Every year brings some degree of change regarding filing income taxes. While 2020 taxes are a done deal, it’s never too early to begin thinking about the next tax year. To help you be prepared for next year’s filing, here are 6 Ways Income Taxes Will Be Different for 2021. Standard Deduction Increase Standard deductions […]
PLANNING FOR THE 3.8% INVESTMENT TAX
Higher income investors need to plan for the 3.8% “unearned income Medicare contribution” tax. This 3.8% tax was enacted as part of the 2010 health care overhaul. Some Details The tax applies only to taxpayers with modified adjusted gross income (AGI) above these levels: $200,000 (single/head of household), $250,000 (married filing jointly/surviving spouses), or $125,000 […]
PPP Loan Forgiveness Update September 2020
As we are nearing the last quarter of the year, businesses that received the PPP loan are now starting to get emails from their lenders to began gathering their documents to apply for forgiveness. Here are some points regarding our take on the timeline along with important dates to keep in mind. Possibly delay applying […]
WILL THE SECURE ACT AFFECT YOUR RETIREMENT PLANNING?
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) was signed into law on December 20, 2019. The Act will likely impact large numbers of working Americans as well those already retired. In general, the Act is intended to increase access to tax-advantaged retirement plans and to help prevent older […]