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Blogging Beyond the Numbers

Posted by: Kate Serpe 3 days ago
Shuttered Venue Operators Grant Portal Open The Shuttered Venue Operators Grant (SVOG) portal opened on 4/8/21 at noon EST on the SBA.gov website.  There have been reports that the website has been down intermittently due to an overwhelming response for funding.  We recommend being patient and persistent in your efforts to complete the application process.  As a reminder, once you submit your SVOG ap...
Posted by: Joshua Hakl 4 days ago
Should you capitalize or expense your business’ or organization’s latest purchase?  This is a question that should be getting answered for each and every purchase you make.  The answer you decide will have an effect on the usefulness of your financial statements, the size of your record-keeping burden, and how much you pay in taxes. The point of capitalization Making this decision requ...
Posted by: Zachery Klassy 4 days ago
An individual’s filing status determines the rate they are taxed and their allowable standard deduction. The head of household filing status, generally, allows for a lower tax rate and a higher standard deduction over single tax filers. Head of household may be beneficial to individuals who meet the following qualifications: Unmarried or considered unmarried (legally separated) the last day of tax...
Posted by: Hannah Lanser 5 days ago
“If we rent out our church building, is that taxable income?” First, it’s important to determine whether the rental activity itself is substantially related to your tax-exempt purpose and mission. If it’s related, the income is tax-exempt. If the rental activity is not related to your mission, then the rental income would be taxable in these situations: If more than 50% of the rent is for ...
Posted by: Swati Jain 1 week ago
The child and dependent care credit has been available to taxpayers for a while but for 2021 tax year, the New American Rescue Plan Act (ARPA) has enhanced this credit. The credit is available for expenses that a taxpayer pays for the care of qualifying children of age 12 and under so the taxpayer can be gainfully employed. The 2021 credit is refundable if either the taxpayer or their spouse has a principa...
Posted by: Dan Bergs 2 weeks ago
Businesses and organizations that have suffered a decline in gross receipts may qualify for an employee retention credit (ERC). Recent legislation has extended the ERC through Q4 2021. For 2021, your business operations must be either fully or partially suspended by a COVID-19 governmental authority shutdown (mandate) for any quarter in 2021 OR gross receipts are less than 80% of gross receipts for the ...
Posted by: Kate Serpe 3 weeks ago
PPP Extension Passed in the Senate This afternoon, the Senate passed the bill to extend the time to apply for a PPP first or second draw loan to May 31st. This is great news for those that have not yet applied, or for applicants whose loan remains on hold or in processing. The bill also provides the SBA with an additional 30 days after the May 31st deadline to continue processing loans. This provision w...
Posted by: Jamie Landsinger 4 weeks ago
The American Rescue Plan Act, signed into law on March 11, 2021, hopes to provide a variety of tax and financial relief to Americans to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are advance tax credit payments that will be made to eligible individuals and parents. Below are some answers to common questions about these payments. What are the two types of payments? ...
Posted by: Jessica Grant 4 weeks ago
Normally April 15 is the deadline for filing your individual tax return  (except for 2020 taxes that are now due on May 15, 2021), it’s also the deadline for the first quarterly estimated tax payment for both Federal and State for 2021, if required. You may have to make estimated tax payments if you receive interest, dividends, pension/IRA income, self-employment income, capital gains, prize money or...
Posted by: Vicki Gramse 1 month ago
Are you approaching retirement? If you are, then you will probably want to ensure that the money you have saved in retirement plans lasts for as long as it possibly can. Be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made some changes of interest to those nearing retirement. You can keep making tradi...