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2021 Q1 Tax Calendar: Key Tax Deadlines for Businesses/Employers

2021 Q1 Tax Calendar: Key Tax Deadlines for Businesses/Employers

Here are some key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Additional deadlines may apply to you.
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Don't Miss Out on the Opportunity for a Spousal IRA

Don't Miss Out on the Opportunity for a Spousal IRA

One frequently overlooked tax benefit is the spousal IRA. They allow a non-working or low-earning spouse to contribute to his/her own IRA, or spousal IRA.
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Starting a Small Business? 9 Things to Know about Being a Sole Proprietor

Starting a Small Business? 9 Things to Know about Being a Sole Proprietor

Sole proprietors have alot to learn starting out. Fiducial has a quick list of nine tax rules and considerations involved in operating as a sole proprietor.
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Finally, The COVID Relief Package Is Law. What Does That Mean for You?

Finally, The COVID Relief Package Is Law. What Does That Mean for You?

Now that the COVID-relief package is law, we have details. This article provides an overview of the many tax provisions included in the legislation,
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Don't Ignore Household Employee Payroll Tax Rules

Don't Ignore Household Employee Payroll Tax Rules

If you hire a household employee to provide services in or around your home, you probably have a tax liability. Ignore it and it may come back to bite you.
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Gambling and Tax Gotchas

Gambling and Tax Gotchas

There are far more tax issues related to gambling than you might expect. And these issues may impact your taxes in more ways than you might believe.
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Traditional or Roth IRA? Which Plan Will Be Best for You?

Traditional or Roth IRA? Which Plan Will Be Best for You?

The tax code offers two IRA types. Fiducial has a primer on both kinds of IRAs. Learn their pros and cons, and how to choose the one that’s right for you.
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QBI Deduction Basics and a Year-End Tax Tip that Might Help You Qualify

QBI Deduction Basics and a Year-End Tax Tip that Might Help You Qualify

If you own a business, you may be eligible to take the QBI deduction. We sometimes refer to this as the pass-through deduction or Section 199A deduction.
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Small Businesses: Cash In On Depreciation Tax Savers

Small Businesses: Cash In On Depreciation Tax Savers

It’s time to think about whether your business needs to buy depreciable property. You may benefit from the depreciation tax deduction for business property.
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SBA Questioning PPP Borrowers with Loans Over $2 Million

SBA Questioning PPP Borrowers with Loans Over $2 Million

The secretary of the treasury intended for all PPP loans to be audited. However, now, only those of $2 million or more will be subject to audit.
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Mortgage Insurance Premium Deduction Retroactively Extended

Mortgage Insurance Premium Deduction Retroactively Extended

This mortgage insurance premium deduction has been retroactively extended back to 2018 and through 2020. Consider amending your 2018 return for a refund.
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Tax Rules for Deducting the Computer Software Costs of Your Business

Tax Rules for Deducting the Computer Software Costs of Your Business

Do you buy, lease, or develop computer software to use in your business? Know the complex rules that apply to the tax treatment of software costs.
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What Is “Transparency” of Health Care Coverage?

What Is “Transparency” of Health Care Coverage?

Many employers pride themselves on transparency about how and with whom they do business. "Transparency,” however, also applies to group health care plans.
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IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

The IRS significantly revised Form 941-X. This form allows for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941
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Employee Holiday Gifts May Be Taxable--What Employers Need to Know

Employee Holiday Gifts May Be Taxable--What Employers Need to Know

Employers often give employees holiday gifts. If a gift is a de minimis fringe benefit, it is tax-free to employees and tax deductible by the employer.
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There is More to Deducting Health Insurance than Meets the Eye

There is More to Deducting Health Insurance than Meets the Eye

Health insurance premiums, especially in the wake of the ACA, have risen dramatically. They constitute one of the greatest expenses most individuals pay.
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