Blog Archives

5 Smart Tax Moves to Make in February 2021

1. Fund Your IRA   Taxpayers with earned income can fund an IRA for 2020.  The due date for this contribution is April 15, 2021.  Taxpayers can fund up to $6,000 if they have this much in earned income. Taxpayers


PPP Loans 2.0 – > New loan application information

      In December 2020, legislation was passed authorizing the Paycheck Protection Program (PPP) version 2.0.  PPP 1.0 passed in March 2020 in response to the pandemic.   Prior PPP borrowers must meet all of the following conditions to


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CHANGES TO FORM 1099 – FORM 1099-NEC

Beginning with the 2020 tax year, the IRS will require business taxpayers to report amounts paid as nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC as was required in previous years. Generally, businesses will need to


LIMITED CHARITABLE DEDUCTIONS ALLOWED – MAKE DONATIONS BY DEC 31st

  The CARES Act, which went into effect last spring, established a new “above-the –line” deduction for charitable giving.   The “line” is your adjusted gross income “AGI” which is your income after deductions, last year line 11b on your


Connecticut Enacts Paid Family & Medical Leave Law Effective January 1, 2021

On June 25, 2019, the State of Connecticut enacted the Paid Family and Medical Leave Authority, which created a comprehensive paid family and medical leave insurance program in Connecticut.   The paid leave benefit will be funded by a 0.5


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