The COVID leave tax credits under the American Rescue Plan Act of 2021 (ARP) expired on 9/30/21. These credits are based on the date of the paycheck, not the days missed. For any paycheck after 10/1/21, any employee taking COVID leave would need to utilize vacation/sick pay or the time off will result in unpaid leave.
As an employer, you may decide to offer voluntary leave at company cost and without the tax credit benefits. If employers offer such leave, they must do so in a consistent manner and for all employees.
Tax season is over! After taking a few deep breaths and actually relaxing, I have come up with a top 10 list of things I learned from tax season. Continue reading
One of the most common questions we receive from solo business owners (doctors who either moonlight, have a side business, or are starting a business) is: which entity should I choose? Let’s look at the three most popular choices: Continue reading
In this month’s video, I explained what types of business meals are deductible. Since meals can be frequent and for small dollar amounts, I get more questions about tracking these receipts than any other expense. In the case of travel meals, an IRS rule allows you to throw those receipts all away. Instead of tracking and deducting each specific expense, you can deduct a per diem rate for your travel meals. Continue reading
Whenever you do work for a company as an independent contractor, they should ask you to fill out a W-9. This document is used by the company to file 1099s for individuals and non-corporate entities to whom they have paid more than $600 in a calendar year. Independent contractor services include but are not limited to Continue reading
One of the most frequently-asked questions from physicians with IC income is, “Do I need to set up an s-corporation?” Answer: It depends. In this post, let’s examine how an S-corp. works and exactly what this choice “depends” on. Continue reading
With the costs of college and other post-secondary education continually rising, clients often ask about effective methods of planning for their children’s future education costs.
Though there are several methods of planning for future education costs, one popular technique is to use a 529 plan. Continue reading
[This post is part of a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. For an explanation of the basics of this deduction, please review this post.]
Today’s case study is going to look at when the 199(A) deduction may be limited by overall taxable income. Continue reading
In this month’s video, I explained what a Fixed Price Agreement or FPA is. All of our deluxe or physician individual FPAs, as well as our business FPAs, include a set of services above and beyond preparing a tax return. Continue reading
When we meet with a prospect, the first question we usually hear is, “What are your fees?” While most firms base their fees on hourly billing, we take a different approach. In her video, Laura describes our Fixed Price Agreement (FPA) and the benefits of our pricing model. Continue reading