Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.

COVID-19 Information

The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.

We have the changes to tax and financial planning all in one place.

ARPA Liberalizes the Earned Income Tax Credit Rules

The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021. That’s thanks to liberalizations included in the new American Rescue Plan Act (ARPA). Some of the favorable changes are only for...

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ARPA Adds Dollars to the Child and Dependent Care Tax Credit

The new American Rescue Plan Act (ARPA) makes major, but temporary, changes to the federal income tax child and dependent care credit (CDCC). Except for when it comes to high-income taxpayers, the changes are all favorable. To understand the changes, let’s first...

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ARPA Adds Cash to the Child Tax Credit (2021 Only)

For the 2021 tax year only, the new American Rescue Plan Act (ARPA) makes big, taxpayer-friendly changes to the federal income tax child tax credit (CTC). Here’s what you need to know, starting with some necessary background information. CTC Basics For 2018-2020 and...

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Tax Bonanza: Expanded Individual Tax Credits in New Law

For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child tax credit, the dependent care credit, and the health insurance premium tax...

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Employee Retention Credit: Step-by-Step Example

With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC) thanks to three big changes: You can now obtain the ERC and the Paycheck Protection Program loan, but not on the same...

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Starting a New Business? Get Up to $100,000 in Tax-Free Money

You likely already know that the employee retention credit (ERC) is a good deal—if you qualify.  Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC in the third and fourth quarters of 2021 if...

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Double Benefits: Claiming Both the ERC and Tax-Free PPP

First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP) participants to also claim the employee retention credit (ERC). Reminder. Tax...

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