Is Your Worker an Employee or Independent Contractor?
As a small business owner, it’s important to classify your workers properly. Federal and state withholding, Social Security and Medicare, and unemployment taxes are all dependent on this classification.
FAQs About the Advance Child Tax Credit
We’re still getting questions from some folks about the Child Tax Credit that they are receiving. Read below for some answers to common questions we’ve received.
Higher Education Tax Credits Can Help Pay for College
If you, your spouse or child attends a college, university, trade school or takes classes for an advanced degree, you know how expensive higher education can be. The good news is tax credits can help offset some of these costs. There are two credits available that can help you save money on higher education: the American Opportunity Tax Credit and the Lifetime Learning Credit.
What to Consider When Choosing a Payroll Service Provider
Payroll is just one checkbox on an often-overwhelming to-do list. But it’s an important task nonetheless. Your employees will be unhappy if they’re not paid correctly and on time. And you’ll be unhappy if you have to spend hours each week adding up timesheets, calculating pay and filing forms for each employee.
Good Recordkeeping Leads to Smart Tax Planning
While it may seem mundane, recordkeeping is an important chore. Gathering your tax documents throughout the year makes it easier to file your tax return the following year. And having an organized recordkeeping system overall makes it easier to understand any letters you may receive from the IRS.
Selling Your Home? Here’s How It May Affect Your Taxes
In this current seller’s market, you may be considering selling your first or second home. If so, keep in mind how selling your home may affect your tax return. When filing your taxes, you may qualify to exclude all or part of any gain from the sale from your income.
American Rescue Plan Updates Employer Paid Sick & Family Leave Tax Credits
Paid Sick & Family Leave Credits were enhanced under the American Rescue Plan (ARP), which was enacted in March. The credits reimburse small and mid-size employers (and certain governmental employers) for the cost of providing paid sick and family leave to their employees for reasons related to COVID-19, including vaccinations. The updates apply to leave taken from April 1 – September 30, 2021.
Do You Have Children? You May Start Receiving Monthly Child Tax Credit Payments in July
If you have a child age 17 or under, you may automatically begin receiving advance payments of the Child Tax Credit on July 15th. Roughly 39 million households — covering 88% of children in the United States — will begin receiving the payments as part of The American Rescue Plan Act, which was passed in March.
Need to Know: New Lodging Tax Begins on July 1
Beginning on July 1, 2021, owners of short-term rentals will have to start paying hotel taxes under House Bill 317, which was signed into law by Governor Kemp last month. The law requires that home rental companies, such as Airbnb and VRBO, collect Georgia’s $5-per-night lodging tax and local excise taxes, which can reach 8%. All hotels, motels, short-term rentals and most lodging facilities in Georgia will be required to pay the $5-a-night excise tax as of July 1. The costs will be passed onto renters in their bills.