Fiducial Blog – Page 33

Work Opportunity Tax Credit (WOTC) Extended Through 2025

March 8, 2021

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit (WOTC) for hiring individuals from one or more targeted groups.

Beware: These Tax Return Red Flags Could Trigger an Audit by the IRS

March 5, 2021

Taxpayers can avoid audits if they know the specific red flags that trigger them. Fiducial can help! Here's our list of red flags that lead to an audit!

Charitable Contributions Deduction Liberalized for 2021

March 3, 2021

To stimulate charitable contributions during the pandemic, Congress made two notable changes for 2020. Fiducial has more info on this potential deduction!

4 Questions Business Owners Should Consider for Their 2020 Taxes

March 1, 2021

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.

How to Address Rising Tax Problems During COVID-19

February 26, 2021

The COVID-19 pandemic will have tax implications many have not considered. This may mean paying additional income taxes that they had not planned.

What Happens if I Receive an IRS CP2000 Notice?

February 24, 2021

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.

The Importance of S Corporation Basis and Distribution Elections

February 22, 2021

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?

retirement plan label on document folder

The Consolidated Appropriations Act (CAA) and Retirement Benefits

February 19, 2021

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.

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

February 17, 2021

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.

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.

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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.