Tag Archives: tax

Help & Free Money From the US Government (For Business Owners)

Are you a business owner, and you need help and free
money from the government for your business? Please read the following:

The Coronavirus Aid, Relief, and Economic Security Act
(CARES Act) was passed in 2020 in response to the economic disruption caused by
the Covid-19 pandemic. As part of the Cares Act, two programs were created to
help businesses stay afloat during the pandemic: The Paycheck Protection
Program
(PPP) and the Employee Retention Tax Credit (ERTC).

The PPP was designed to provide businesses with
low-interest loans to cover payroll and other costs. The amount of the loan was
equal to 2.5 times the applicant’s average monthly payroll costs. The loan
could be partially or fully forgiven if the business kept its employee counts
and wages stable. The program was implemented by the U.S. Small Business
Administration and the deadline to apply was March 31, 2021.

The ERTC is a payroll tax credit designed to reward
businesses that kept their employees on the payroll. The program provides
businesses with a payroll tax credit up to $26,000 if you can show that you retained
your employee for each quarter of 2020 and 2021. The program was created as an
incentive for businesses to keep their employees, as opposed to the PPP which
was a loan that had to be paid back.

This makes the ERTC a blessing for businesses of all
sizes, as they can take advantage of the free money without having to worry
about making any loan payments. Businesses that missed out on the PPP loan
still have a chance to cash in. The program was recently extended, allowing
businesses to apply for the ERTC in 2023 if they meet the eligibility
requirements.

If you’re a business owner who wants to take advantage of
this free money from the government, you should act fast. Visit oozof.com/whatisertc
and fill out the form. A CPA clerk will contact you to learn more about your
business. He’ll show you what you need to provide for the application, and when
you can expect to receive your money.

The ERTC program is an incredible opportunity for
businesses to take advantage of free money from the government and keep their
employees employed because of the pandemic. Don’t miss out on this last chance;
visit oozof.com/whatisertc today and fill out the form before it’s too late.

 

Apply for employee retention credit ERTC: Easy Online Rebate Calculator

The employee retention credit (ERC) helps employers retain
their employees and offset the cost of providing health care benefits during
these difficult economic times. The ERC is a refundable tax credit against
certain employment taxes equal to 50% of qualified wages paid from March 13,
2020 through December 31, 2020. Qualified wages are limited to $10,000 for each
employee for all calendar quarters.

Eligible employers can claim the ERC on Form 941 when filing
their quarterly employment tax returns. Employers must have experienced either:

 

• A full or partial suspension of operations due to an order
from an appropriate governmental authority limiting commerce, travel or group
meetings due to COVID-19; or

• A significant decline in gross receipts compared to the
same quarter in the prior year.

To be eligible for the ERC, employers must claim an employer
portion of Social Security tax on wages paid after March 12, 2020 and before
January 1, 2021. The credit is available for both for-profit organizations and
certain non-profit organizations.

To apply for the ERC benefit, employers should consult a
qualified tax advisor or CPA. Employers can also visit the ERTC Wizard website for more
information on how to qualify and apply for this important tax benefit.
  With the ERC providing much needed support to
businesses that have been affected by COVID-19, employers should take full
advantage of this valuable credit when filing their employment taxes.
 

Taking advantage of the employee retention
credit is a great way for employers to ensure that workers remain with their
company during these difficult times. It can also help employers offset some of
the costs associated with providing health care benefits to employees and keep
them safe and healthy. Employers should speak to a qualified tax advisor or CPA
if they are unsure about how to go about applying for this important tax
benefit.

apply for employee retention credit

Get Tax Return on Real Estate Gains

Our accounting firm gets for our clients tax returns on land appreciation and real estate gains. We know all the laws and regulations related to real estate tax in order to obtain the maximum amount of return.

Land Appreciation Tax Return

Best Accounting Firm in New York City

One of the most searched for terms near the first quarter of the year is tax preparation, but this is not the only part of the year when accountants are looked for, specially if you own a business. So for everyone who wants to know how to find an affordable accounting firm we recommend watching this video. Professional accountants say that if you want to ´reduce your taxes|pay less taxes} you must plan ahead. This means that the the first quarter of the year is the start to make sure you pay less at tax time. Whether it is personal income tax or business taxes, good planning is the best strategy to execute.

So if you want to pay less at tax time, you must know how to plan and use professional tips to lower what you pay the government. 

watch video

Accountant in Jerusalem

An experienced accounting firm based in Jerusalem for small businesses, companies and non-profit organizations. Provides professional and wise assistance when starting a business, offers expertise in tax returns, reports, and representation before tax authorities.

Tax Accountant

2021 Best Money Making TIp

Automated Money Making Program 2021

There are lots of recommendations are being offered online on how to make money online in 2021 but most of them are true. As a matter of fact, you still need to work hard to promote the programs to the online audiences for a huge cost of money.

This will only bring stress to your failing online business. Why not get hold of an online program that does not require sponsoring plus you’ll be able to get hold of the different premium apps for marketing, lead and traffic generations as featured and promoted by JVZOO and Warrior Plus. 

I’m sure that your mind will be blown away when you learn how amazing and powerful both the online opportunity and bonuses. 

Visit the related page to learn more.

selling on ebay

We Can Write-Off Work-From-Home Deductions on Our 2020 Tax Forms, Right? Right??

Early on, working from home was a matter of adjusting on the fly. Your new desk? The kitchen table will do, thank you. No quiet place for conference calls? The front seat of the car is now your Zoom chamber. But as COVID-19 wears on and telecommuting becomes a long-term reality, however, a lot of workers have purchased items to transform their home into a functional office space. Folks have spent money on everything from increased Internet speeds and hi-def Zoom cameras to printers and more comfortable desk chairs. But this begs the question: How will this effect 2020 tax deductions? Can we write off work from home expenses accrued during the COVID pandemic when we file our taxes? What kind of work from home office tax deductions or tax write-offs can we expect? Or, dun dun dunnn, are we on the hook for the items we purchased to do our jobs better? 

Well, here’s the thing: if you’re working remotely because of the pandemic,  you can’t write off those work from home expenses. No, you probably don’t want to hear this. But if you’re planning on buying a fancy new ergonomic desk chair to write off as a work from home deduction, well, it’s good to keep in mind.

Tax Deductions 2020: Why You Can’t Write Off Work-From-Home Expenses

Once upon a time, work from home expenses that weren’t reimbursed by your employer could at least be written off on your tax return. But that ended with the Tax Cuts and Jobs Act of 2017, or TCJA, which ended miscellaneous itemized expenses. Through 2025, you can no longer take a deduction for new computer equipment or furniture for your home office, not to mention other job-oriented outlays like fees to professional associations and union dues. 

Do you plan on sending your kids back to school this fall?

Yes. I trust that our schools are taking precautions.

No. We don’t feel that proper precautions are in place.

I’m not sure yet. It depends on how things progress.

Thanks for the feedback!

The exception are self-employed individuals, including independent contractors, who can still deduct work expenditures on Schedule C of their tax return. That includes direct expenses like a new work computer and the painting of a home office that you use exclusively for your job, says Dan Gibson, a partner with the accounting firm EisnerAmper. 

If you’re running your own business, you can also write off the cost of the home office itself, as long as it’s used exclusively for work purposes. Gibson says self-employed folks have two options when it comes to deducting the office. The simplified method allows you to take a $5 per-square-foot deduction, which is capped at $1,500. You also have the option of calculating the actual costs for the office, including mortgage and insurance payments, as a percentage of the overall house.

Now, claiming a home office deduction, Gibson acknowledges, may increase the odds of an IRS audit, so it’s something you want to think through.

“A lot of tax practitioners don’t like to do that because they say it raises a red flag,” he says. “But if you’re using the room exclusively as an office and you’re not using it as the kids’ playroom, there’s a legitimate reason for that deduction.”  

So, as far as writing off that new desk and Wi-Fi range extender you bought to get the job done at home, we’re all out of luck.

There’s Another Option For Remote Work Expenses

Don’t stress too much if you’re not eligible for a deduction, though. Given the demands COVID-19 put on employees, a lot of companies are simply reimbursing them for work-oriented costs like increased data plans and broadband service, says Amy Bess, a Washington, DC-based employment attorney with the law firm Vedder Price. If you can get your employer to help out with those bills, the lack of a tax write-off becomes irrelevant. 

In most cases, Bess says businesses aren’t actually required by law to take care of those expenses for you, but there are exceptions. Non-exempt employees — that is, workers who are eligible for overtime — may be eligible to have things like Internet and phone data costs recouped under the Fair Labor Standards Act, or FLSA. 

There are also a handful of states, including Illinois, California, Montana and New Hampshire, that have their own regulations concerning employment outlays. California law, for example, requires employers to reimburse for “necessary expenditures or losses incurred by the employee in direct consequence or discharge of his or her duties.” 

Most everyone else is subject to the goodwill of their employer. Fortunately, the majority of companies have been proactive when it comes to look at reimbursement issues, according to Bess. 

“They want to support their work-from-home employees so they can continue to be productive and feel connected with the employer,” she says.  

For businesses that are behind the curve, Bess says there are ways to apply pressure short of threatening a big lawsuit if they don’t pony up. She recommends talking to other employees and seeing if they’re experiencing similar issues. When multiple workers are asking for assistance, employers are more likely to take notice, she says. 

Needless to say, sending in receipts for your office’s new wood paneling probably won’t get the job done. But for expenses that you can’t avoid, like a new printer, it’s certainly worth a shot. And organizations are often willing to pitch in for a beefed-up Internet or mobile data plan, especially if you’re only asking for a pro-rated amount based on your business usage. 

“I just think it’s important for employees to start the dialogue,” says Bess. “I don’t think it should be that big of a controversy.”  

tax writeoffs