The 2021 “Social Security wage base” is increasing

The 2021 “Social Security wage base” is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to...
Accountants shifting to more advisory services amid coronavirus

Accountants shifting to more advisory services amid coronavirus

Accounting Today Michael CohnOctober 16, 2020 Accountants and tax professionals have been helping their small business clients deal with the economic fallout from the COVID-19 pandemic, shifting away from their routine compliance work after the end of the prolonged...
What tax records can you throw away?

What tax records can you throw away?

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s return, you might wonder: Which...
Understanding the passive activity loss rules

Understanding the passive activity loss rules

Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are generated by them in excess of...