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Charitable Contributions Deduction Liberalized for 2021

Charitable Contributions Deduction Liberalized for 2021

To stimulate charitable contributions during the pandemic, Congress made two notable changes for 2020. Fiducial has more info on this potential deduction!
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4 Questions Business Owners Should Consider for Their 2020 Taxes

4 Questions Business Owners Should Consider for Their 2020 Taxes

If 2020 wasn’t challenging enough, this season’s tax-filing is even more complicated than usual. Here are 4 questions you should ask about 2020's taxes.
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How to Address Rising Tax Problems During COVID-19

How to Address Rising Tax Problems During COVID-19

The COVID-19 pandemic will have tax implications many have not considered. This may mean paying additional income taxes that they had not planned.
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What Happens if I Receive an IRS CP2000 Notice?

What Happens if I Receive an IRS CP2000 Notice?

There are few things that can send a chill down your spine more than mail from the IRS. If you open the mail to find a CP2000 notice inside, don’t panic.
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The Importance of S Corporation Basis and Distribution Elections

The Importance of S Corporation Basis and Distribution Elections

An S corporation can provide tax advantages over a C corporation in certain circumstances. Do you expect the business will incur losses in its early years?
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The Consolidated Appropriations Act (CAA) and Retirement Benefits

The CAA includes many provisions addressing economic hardships caused by the pandemic. Here's what you need to know about the CAA and retirement benefits.
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Sold or Thinking of Selling Your Home? Here’s What You Need to Know

Sold or Thinking of Selling Your Home? Here’s What You Need to Know

With the housing market booming, have you sold or are you thinking of selling your home? Fiducial has a list of tax-related issues to consider.
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The Cents-Per-Mile Rate for Business Miles Decreases Again for 2021

The Cents-Per-Mile Rate for Business Miles Decreases Again for 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.
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How Biden's American Rescue Plan Might Impact Your Taxes

How Biden's American Rescue Plan Might Impact Your Taxes

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.
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Updated Guidance on the Employee Payroll Tax Deferral

In late January, the IRS updated Notice 2020-65. The update reflects the changed tax deferral rules contained in the Consolidated Appropriations Act (CAA).
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What You Need to Know about Taxes on Partners and Partnerships

What You Need to Know about Taxes on Partners and Partnerships

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.
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File cash transactions reports for your business on paper or electronically

File cash transactions reports for your business on paper or electronically

Does your business receive large amounts of cash or cash equivalents? You may have to submit forms to the IRS to report these cash transactions.
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New year 2021 list. Office desk table with notebooks and pencil with copy space.

IRS Issues Final Regs on ICHRAs. Here’s What You Need to Know

The IRS has issued final regs that clarify the application of employer shared responsibility provisions under the ACA. The regs also address ICHRAs.
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How Can the Saver's Credit Help You Save for Retirement?

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

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

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

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.
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Actually, a Recession is a Great Time to Launch That New Startup

Actually, a Recession is a Great Time to Launch That New Startup

Should entrepreneurs worry about a potential recession? Maybe not. The state of the global economy may not directly impact your startup.
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