Bye, bye lockdown. Hello, travel! Looking to add travel back on the books for 2021 and 2022? Did you know that days spent traveling could effectively be treated as business days? This means that if you take your time arriving at your business destination or have to be on your business trip for a couple extra days, the days spent sightseeing could count as a part of the entire trip. The number of business versus personal days is critical but the scales can tip in your favor. According to this article by CPA Practice Advisor, you must prove that your
Your income can now be updated with the new feature of the Child Tax Credit Update Portal. These changes should be made by November 29, 2021 so that these updates are reviewed in the December payment. Once this has been updated, the payment will be adjusted to verify everyone that they receive the total advance payment of the year. For a married couple, the income update will be applied to each spouse which can influence both of their future monthly advance payments for the child tax credit. This feature can assist families with obtaining the accurate amount of advance child
Latest Update With Child Tax Credit Families now have the opportunity to obtain their Child Tax Credit payment every month by updating their bank account information. This can only be completed through IRS.gov. Online updates can be implemented and people will receive either a direct deposit or check depending on their bank account status. These payments can vary depending on the age of your child. It could go up to $300 per child every month from July to December, which can end up being more than you expect. A few more changes have been made like the increase of credit
Is Forgiven PPP Classified as Non-Taxable Income? It was unclear if loans that were forgiven or not were still taxable when information about PPP came out. Later on, federal information was issued that helped classify this concern. It turns out that the new regulation brings up that forgiven PPP loans won’t be taxed as additional expenses. Also, deductions can also include expenses. This law was only established on a federal level and other states are still in the process of confirming their position. Currently, 29 states are noting this law and are making sure forgiven PPP loans aren’t taxed through
Just because you don’t pay sales tax doesn’t mean that you aren’t responsible for paying it. Let’s Define “Use Tax” Use tax is when you don’t pay tax on goods, but the state you live in requires that you pay sales tax on all goods. It is required to pay sales tax on all goods if you live in a place where sales tax is mandatory. It is still required even if a vendor doesn’t charge it. State income tax return is the most efficient way to pay and report use tax. The California’s sales tax agency states, “if sales
Twenty-five states are increasing their minimum wage rates in 2021. They are Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, South Dakota, Vermont, Virginia, and Washington.
Do you need basic income and expense tracking? You may not even need a bookkeeper. Many banks have developed very basic expense tracking and spending reports.
We know times are crazy, but there are a lot of important updates for CA sales tax you need to know. Please read highlights from CDTFA below. Relief and Extensions for Filing Returns For all but the largest taxpayers, first quarter 2020 returns were extended and are now due July 31, 2020. For all but the largest taxpayers, monthly returns for March, April, and May 2020 were also extended by three months. Tax returns for the second quarter, running from April through June 2020, remain due on July 31, 2020. For sales and use taxpayers required to make monthly prepayments