IRS announces two new online tools to help families manage Child Tax Credit payments

By |2021-06-24T10:06:24-04:00June 24th, 2021|Individual Income Tax, Parents and Children|

Source: IRS.gov Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments  WASHINGTON — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance [...]

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The first step of good tax planning is good recordkeeping

By |2021-06-22T11:19:27-04:00June 22nd, 2021|Corporate Income Tax, Individual Income Tax|

Source: IRS.gov Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify [...]

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Businesses can temporarily deduct 100% of Meals beginning Jan. 1, 2021 – Dec 31, 2022

By |2021-04-08T12:07:53-04:00April 8th, 2021|Coronavirus, Corporate Income Tax, Employers|

Source: irs.gov  -  Issue Number:    IR-2021-79 Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants Businesses can temporarily deduct 100% beginning Jan. 1, 2021 WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and [...]

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Tax Filing Opens February 12th 2021

By |2021-01-27T16:50:47-05:00January 27th, 2021|Charitable Contributions, Coronavirus, Earned Income Tax Credit, Employees & Independent Contractors, Individual Income Tax|

The IRS announced they will begin accepting electronically filed tax returns on February 12th 2021. Here are some important reminders before you file. Source: IRS.gov Issue Number:    IR-2021-23 Important reminders before filing 2020 tax returns WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today [...]

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2020 Tax Checklists & Virtual Appointments Available Now

By |2021-01-28T11:34:46-05:00January 10th, 2021|AFSG|

The 2020 tax filing season is underway. Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2020 checklists, worksheets, and virtual appointment options. The impact of COVID-19 on our lives, economy, laws, [...]

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Key Tax Law Changes for Tax Year 2020

By |2021-01-17T09:53:36-05:00January 1st, 2021|Coronavirus, Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax, News Articles, Retirement|

COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]

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The New Form 1099-NEC Summarized

By |2021-01-02T10:27:22-05:00December 2nd, 2020|Employees & Independent Contractors, Employers, Payroll|

  1099-NEC: Use For Non Employee Compensation for Independent Contractors of $600 or more Someone who is not an employee, who provided services Can go to an individual, parternship, estate, or corporation Should inlcude payments for services AND payments for parts or materials used to perform the services Examples: Attorneys, [...]

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Tax Advice for Locums Tenens

By |2021-02-07T13:47:14-05:00October 7th, 2020|401(k) & 403(b), Business Start-Ups and Closures, Corporate Income Tax, Employees & Independent Contractors, Employers, Individual Income Tax, Payroll, Retirement, Traditional IRA|

As a locum tenens provider, you’re considered an independent contractor and you need to be prepared to pay your own taxes. Your hiring firm may not be required to withhold any federal or state taxes from your compensation. Additionally, you’ll most likely need to remit estimated taxes each quarter to [...]

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Are you using the correct terminology when discussing IRA’s?

By |2020-10-01T09:18:47-04:00October 1st, 2020|Individual Income Tax, Retirement, Traditional IRA|

Source: IRS.gov - Issue Number: Tax Tip 2020-129 Terms to help taxpayers better understand Individual Retirement Arrangements Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other [...]

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A tax checklist for newly married couples

By |2020-09-14T16:29:10-04:00September 16th, 2020|Individual Income Tax|

IRS.gov - Issue Number: Tax Tip 2020-118 Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes - Name. When a [...]

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