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...
IRS Announces That Expenses Paid With PPP Loan To Be Forgiven Are Non-Deductible In 2020
On November 17th, the IRS issued guidance on how the PPP Loan forgiveness impacts how businesses will deduct expenses paid with the PPP funds. According to the IRS Bulletin at: https://content.govdelivery.com/accounts/USIRS/bulletins/2acfa3f: Revenue Ruling...
IRS Code Section 139 Allows Your Practice To Make Tax-Free Payments To You And Selected Staff During The COVID-19 Pandemic
Code Section 139 starts with this general rule: Gross income shall not include any amount received by an individual as a qualified disaster relief payment. In other words, your practice deducts any money paid out to you and selected staff under Section 139 while you...
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...
Friday 11/6 Is Deadline To File For Phase-3 Of The HHS Provider Relief Fund
As we posted last month, the HHS announced that additional Provider Relief Funds are available to healthcare professionals. You can read that post at: https://schwartzaccountants.com/2020/10/hhs-announces-additional-provider-relief-funds-application-due-11-6/. Phase-3...
Thursday 11/12 Is Deadline To Apply For Massachusetts COVID-19 Grant For Small Businesses
According to information available at: https://www.empoweringsmallbusiness.org/covid-19-response/covid-19-grants-massachusetts-small-businesses , the Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses,...
IRS Announces Few Increase To 2021 Retirement Savings Limits
Last month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2021. Unfortunately, the bulk of the retirement savings limits don’t increase from 2020 levels. Many practice owners set up a 401k plan as their...