Uncategorized More states’ Sales Tax holidays 31 Jul 202128 Jul 2021 Visit these states' Department of Revenue (DOR) web sites for confirmation and details, including what kinds of purchases qualify. Visit your own state’s DOR website to see if your state…
Uncategorized Some states having Sales Tax holidays 28 Jul 2021 Some states occasionally set aside days - typically right before back to school – during which some purchases are not subject to state sales tax (local sales tax may still…
Uncategorized Expert Advice 27 Jul 202122 Jul 2021 Many people, including me, have recognized certain persons in our lives as experts who we trust for the advice that they offer. For me, one such expert is Ed Mendlowitz,…
Uncategorized 15 Years Ago: The Genesis of the Financial Crisis of 2007-2008 20 Jul 202118 Jul 2021 2006: After years of above-average home sales price increases, housing prices peaked and mortgage loan delinquency rose, leading to the United States housing bubble. Due to increasingly lax mortgage underwriting standards (which were…
Uncategorized Taxation of 2020 Unemployment Benefits at Federal and State Levels 13 Jul 20211 Jul 2021 As you may know, prior to 2020, all unemployment benefits were taxable income for purposes of federal income tax. Then, in 2021, a portion of 2020 unemployment benefits was made…
Uncategorized Question: Are tax rates for self-employed persons different from tax rates for employees? 6 Jul 202130 Jun 2021 Answer: Yes. An employee pays 7.65% of wages toward federal retirement taxes and the employer matches that amount, so the federal government receives an amount equal to 15.3% of wages…
Uncategorized Business Meal Expense deduction changed for 2021-22 29 Jun 2021 For calendar years 2021 and 2022, businesses (including self-employed persons) can deduct 100% of the cost of qualifying business-related food and beverage provided by a restaurant. In prior years, the…
Uncategorized Written Log Book Needed for Mileage Deduction 25 Jun 202118 Jun 2021 A recent case confirms the requirement to maintain a contemporaneous, written log book in order to claim a deduction for business mileage expense. (Contemporaneous means recorded at the time of…
Uncategorized Advance Child Tax Credit Payments to begin 22 Jun 202118 Jun 2021 If you have children under age 17, depending upon your income and other factors, the IRS may start sending you monthly checks beginning July 15 as an advance or pre-payment…
Uncategorized Changes to Federal Child Tax Credit 17 Jun 20219 Jun 2021 Previous Years 2021 Per child under 17 years old ………… $2,000.00 n/a Per child under 6 years old n/a $3,600.00 Per…
