Tax Central – Page 42 – Fiducial Blog

The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

February 15, 2021

You might claim a lower deduction for vehicle-related expenses for 2021. This is the second year in a row that the cents-per-mile rate has decreased.

How Biden's American Rescue Plan Might Impact Your Taxes

February 12, 2021

President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals to address the COVID-19 pandemic and economic crisis.

payroll. Wooden letters on dark background

Updated Guidance on the Employee Payroll Tax Deferral

February 10, 2021

In late January, the IRS updated Notice 2020-65. The update reflects the changed tax deferral rules contained in the Consolidated Appropriations Act (CAA).

What You Need to Know about Taxes on Partners and Partnerships

February 8, 2021

Taxation of partners and partnerships can stump you. In a given year, you may pay taxes on more partnership income than you received from the partnership.

How Can the Saver's Credit Help You Save for Retirement?

February 1, 2021

Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. This credit is called the saver's credit.

New Form 1099-NEC and Revised 1099-MISC Deadline Are Approaching

January 29, 2021

Payers must complete Form 1099-NEC to report any payment of $600 or more to a recipient. Use Form 1099-MISC to report certain other payments to recipients.

Didn’t Receive Your EIP? Claim It on Your 2020 Return

January 25, 2021

Congress called them recovery rebates. You may know them as the Economic Impact Payments (EIP).Didn't get yours? Claim it on your 2020 tax return.

PPP Loans Have Reopened: Let’s Review the Tax Consequences

January 22, 2021

The SBA announced that the PPP reopened the week of January 11. Are you wondering about the tax consequences of PPP loans received during the pandemic?