TAX PRO PLUS LA

How to Create Product Records in QuickBooks Online

Whether your company sells product or services, QuickBooks Online can help you track them.

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Big Tax Breaks for Hiring Your Children in the Family Business

With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job. Note, however, that wages paid to children and other relatives aren’t eligible for the Employee Retention Credit created by Congress in 2020 as part of the COVID-19 emergency relief measures for employers.

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What Led to Congress Extending the Paycheck Protection Program?

The Paycheck Protection Program was passed to help SMBs through COVID-19. Congress passed 2 rounds of funding and have now extended the program.

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Wealthy Taxpayers May Want to Strategize for Potential Tax Increases

The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although the President has not revealed his tax policies for the future, Joe Biden, his presumptive opponent in November, has, and that is why the wealthy are strategizing for potential increases.

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You May Need a Protective Claim Before July 15

Taxpayers who in the last few years have paid the extra 0.9% Medicare tax on wages or self-employment income, or the 3.8% tax on net investment income, both taxes that were created as part of the 2010 Patient Protection and Affordable Care Act (ACA; often called Obamacare), may be able to claim a refund of these taxes. However, it will be up to the Supreme Court as to whether anyone will qualify for a refund. Currently before the Court is a case challenging the legality of the ACA. Here’s what the case is about.

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