Our Blog & News

This Month’s Posts:

Ten Tips To Cut Your 2020 Taxes

Even during a Pandemic, it’s still prudent to take steps to minimize your tax bill. Plus, this year we are faced with the prospect of higher tax rates starting in 2021. As the year winds down, now is the time to take steps cut your 2020 tax bill while also not pushing...

Schedule C individuals – Review Your Business Bottom Line

For Schedule C individuals (sole proprietors and single member LLC’s), the days between Thanksgiving and Christmas are the perfect time of year to review your business’s “bottom line” for the year. If you find your net income significantly ahead or behind compared to...

Are you turning 50?

Are you reaching your milestone birthday of turning age 50 in 2021? If so, don’t forget about the “catch-up” provision for 401k and 403b salary deferral retirement plan contributions.  For 2021, the max salary deferral into your retirement plan is $19,500.  However,...

Two Charitable Donation Updates for 2020

For 2020 there is a new $300 charity deduction that will benefit taxpayers who claim the standard deduction. Typically, charitable donations are allowed as a tax deduction only to taxpayers who itemize their tax deductions on their tax return and not allowed to...

Solar Panel Credit – Act Now

If installing solar power panels for your residence was a consideration for 2020 or 2021, now is the time to act. The Federal Solar Investment Tax Credit has been one of the larger tax credits taxpayers have benefitted from the past few years.  Prior to 2020,...

Last Month’s Posts:

COVID-19 Guidelines For Practice Owners With Staff

With COVID-19 sadly on the increase, employers are asking us more questions than ever about their responsibilities to pay their staff who cannot come to work for COVID related reasons. Basically, if you have an employee who cannot come in to work for COVID related...

Free Webinar – Year End Tax Planning for Practice Owners

Presented by Andrew Schwartz, CPA, Founder of The MDTAXES Network Wednesday, December 16, 2020 - from 12 Non - 12:45 pm 2020 has been one of the most challenging years for practice owners. Join Andrew Schwartz, CPA, as he discusses actions to take before December 31st...

Social Security Max Increases To $142,800 For 2021

Most years, the government bumps up the maximum Social Security taxes that you can pay.  For 2021, the maximum wage base jumps to $142,800, an increase of $5,100, or 3.7%, over the max of $137,700 that was in place for 2020. At a rate of 6.2%, the maximum Social...