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π„πŒππ‹πŽπ˜π„π„ 𝐨𝐫 πˆππƒπ„ππ„ππƒπ„ππ“ π‚πŽππ“π‘π€π‚π“πŽπ‘? πˆπ“ πŒπ€π“π“π„π‘$! (𝟏𝟎/πŸπŸ‘/𝟐𝟎𝟐𝟏)

An employee is generally considered to be anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of how the worker’s services are performed. Independent contractors are normally people in an independent trade, […]

πŽπ‚π“. πŸπŸ“ π…πˆπ‹πˆππ† πƒπ„π€πƒπ‹πˆππ„ 𝐟𝐨𝐫 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 𝟐𝟎𝟐𝟎 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 (𝟏𝟎/πŸ“/𝟐𝟎𝟐𝟏)

October 15 is the due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available. Usually there is no penalty for failure to file if the taxpayer […]

π€π•πŽπˆπƒ πƒπˆπ’π€π’π“π„π‘ π’π‚π€πŒπ’ & 𝐅𝐑𝐀𝐔𝐃𝐒 (πŸ—/πŸπŸ–/𝟐𝟎𝟐𝟏)

Criminals and fraudsters often take advantage of disaster victims and generous taxpayers who want to help. Disaster scams normally start with unsolicited contact. The scammer contacts their victim by telephone, social media, email or in-person. And taxpayers may search for a charity online and be directed to a website or social media page that is […]

π‚πŽπ•πˆπƒ-πŸπŸ— π‡πŽπŒπ„ π“π„π’π“πˆππ† πˆπ’ πƒπ„πƒπ”π‚π“πˆππ‹π„ (πŸ—/𝟐𝟐/𝟐𝟎𝟐𝟏)

The cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings accounts (Archer MSAs). The cost to diagnose COVID-19 is an eligible medical expense for tax purposes. ALSO, the […]

𝐍𝐉 π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ π‘π„π‹πˆπ„π… 𝐟𝐨𝐫 π“π‘πŽππˆπ‚π€π‹ π’π“πŽπ‘πŒ πˆπƒπ€ (πŸ—/πŸπŸ“/𝟐𝟎𝟐𝟏)

The New Jersey Economic Development Authority (NJEDA) is working on creating and administering a relief program, which will provide short-term, immediate rent/mortgage reimbursement support to New Jersey businesses and non-profits with up to 50 employees that suffered physical damage on September 1st and 2nd, 2021 and any additional flooding immediately thereafter. The proposed program will […]

π…πˆππƒπˆππ† π‘π„π‚πŽπ‘πƒπ’ 𝐀𝐅𝐓𝐄𝐑 𝐚 πƒπˆπ’π€π’π“π„π‘ (πŸ—/πŸπŸ‘/𝟐𝟎𝟐𝟏)

Natural disasters may destroy personal and business records needed to prove and recover disaster-related losses. This can apply for tax purposes, for federal assistance program or for insurance claims. Below are some sources to help people reconstruct needed records. TAX RECORDS Get free tax return transcripts immediately from the IRS by using Get Transcript on […]

πŒπŽπ‘π„ 𝐒 π‚πŽπ‘ππŽπ‘π€π“πˆπŽπ πŽπ…π…πˆπ‚π„π‘ π‚πŽπŒππ„ππ’π€π“πˆπŽπ π€π”πƒπˆπ“π’ π‚πŽπŒπˆππ† ? (πŸ—/πŸ–/𝟐𝟎𝟐𝟏)

The Treasury Inspector General for Tax Administration (the IRS’ auditor-TIGTA) has reviewed the handling of S corporations not paying salaries to officers and avoiding employment taxes. TIGTA’s analysis of all S corporation returns received between Processing Years 2016 through 2018 identified 266,095 returns with profits greater than $100,000, a single shareholder, and no officer’s compensation […]

πƒπˆπ’π€π’π“π„π‘ ππ‘π„ππ€π‘π€π“πˆπŽπ (πŸ–/πŸ‘πŸŽ/𝟐𝟎𝟐𝟏)

It’s storm season. Here are some helpful tips: β€’ Update emergency plans. A disaster can strike at any time. Personal and business situations are constantly evolving, so taxpayers should review their emergency plans annually. β€’ Create electronic copies of documents. Taxpayers should keep documents in a safe place. This includes bank statements, tax returns and […]

π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ ππ„ππ„π…πˆπ“π’ ππ„π˜πŽππƒ π’π„ππ“π„πŒππ„π‘ πŸ” (πŸ–/πŸπŸ“/𝟐𝟎𝟐𝟏)

Emergency Unemployment Insurance Programs are scheduled to expire on September 6. But we still have a large number of unemployed and the Covid-19 Delta variant disabling a large part of the country. Responding to the above, the US Treasury has stated that the $350 billion allocated to state and local governments in the American Rescue […]

π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ & ππˆπƒπ„π 𝐓𝐀𝐗 𝐀𝐆𝐄𝐍𝐃𝐀 (πŸ–/πŸπŸ‘/𝟐𝟎𝟐𝟏)

According to a US Treasury Department analysis, President Biden’s tax agenda will protect 97 percent of small business owners from income tax rate increases, while delivering tax cuts to more than 3.9 million entrepreneurs. It will make the tax code fairer while protecting millions of small businesses from tax increases. For example, President Biden’s proposal […]