Tax Changes – Page 20 – Fiducial Blog

The Solar Credit is Sunsetting Soon--Should You Take Advantage Now?

December 2, 2020

The solar credit is fading away. After being 30% of the cost for many years through 2019, the credit drops to 26% in 2020. In 2021, it drops again to 22%.

Tax-Planning Opportunities for Year-end That You Should Not Miss

November 16, 2020

2020 has more than the usual tax-planning opportunities. Schedule a tax-planning appointment before year-end to enjoy tax benefits and strategies for 2020.

Did you Know That the Social Security Wage Base Is Increasing in 2021?

November 6, 2020

Is your business planning payroll next year? Be aware that the Social Security wage base is increasing. The max earnings subject to SS tax will increase.

Tax Deductions for Charity Volunteers

October 30, 2020

Did you volunteer time for a charity or governmental entity during the COVID-19 pandemic? You may qualify for tax deductions.

What Are the Tax Consequences of Losing Your Job?

October 26, 2020

If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances.

Form 1099-NEC Is Coming--Here’s What You Need to Know

October 16, 2020

The IRS has resurrected the Form 1099-NEC (non-employee compensation). With this form, you may report non-employee compensation in place of the 1099-MISC.

Excess Business Losses Find Change in the CARES Act

October 14, 2020

The CARES Act made changes to excess business losses. This includes retroactive changes and opportunities for businesses to file amended returns.

Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

October 2, 2020

The President has not revealed his future tax policies, but Joe Biden has. That is why the wealthy are strategizing for potential tax increases.