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Staying Safe from A.I. Tax Scams

2023-06-14T09:18:28-04:00

If news about A.I. has been all over your LinkedIn timeline lately, you aren't alone. With its new accessibility through tools like ChatGPT, artificial intelligence has become all the rage for businesses. It's been heavily discussed for both its potential benefits and downsides, including its potential to engineer major medical breakthroughs and displace many job [...]

Staying Safe from A.I. Tax Scams2023-06-14T09:18:28-04:00

What is a Tax Deductible Uniform?

2023-02-17T16:51:09-05:00

Something we like to tell our clients regarding tax write-offs and advice: “If it seems too good to be true, it probably is.” Such was the case when one man set the internet ablaze with his Tik Tok describing how he writes off all his business suits by turning them into “uniforms”. His advice was [...]

What is a Tax Deductible Uniform?2023-02-17T16:51:09-05:00

Big Updates for Retirement Accounts

2023-01-13T10:20:29-05:00

A lot of new changes have been taking place lately in regard to finances - the rise and fall of crypto empires, remote work testing the landscape of state income tax, and the uncertain future of many pandemic-era provisions. Not all of it is stressful and confusing though. New laws have brought some especially noteworthy [...]

Big Updates for Retirement Accounts2023-01-13T10:20:29-05:00

Employee Retention Tax Credits for Recovery Startup Businesses are Now Available

2022-01-11T10:09:06-05:00

The American Rescue Plan Act of 2021 added the Recovery Startup Provision to the employee retention tax credit ("ERTC") to allow recovery startup businesses to qualify for the ERTC. A recovery startup business for purposes of the Recovery Startup Provision is defined as a business who: Began operations after February 15, 2020 and Average annual [...]

Employee Retention Tax Credits for Recovery Startup Businesses are Now Available2022-01-11T10:09:06-05:00

The new 100% deductible meals expense

2022-01-11T10:09:06-05:00

Included within the Consolidated Appropriations Act, 2021, (CAA) was one important change, the temporary 100% meal deduction. Starting on January 1, 2021, through December 31, 2022, a business may claim as a deduction 100% of food or beverage expenses paid to restaurants. The provision requires that the business owner or an employee of the business [...]

The new 100% deductible meals expense2022-01-11T10:09:06-05:00

Can I apply the medical expense tax deduction to my return?

2022-01-11T10:09:06-05:00

We get this question a lot at ClarkSilva. Luckily, it’s one of the few tax inquiries that are easy to explain! Short answer: yes, you can potentially deduct medical expenses such as prescription drugs on your federal tax return. That said, it can be hard to qualify for this rule, but with proper planning, you [...]

Can I apply the medical expense tax deduction to my return?2022-01-11T10:09:06-05:00

How much could you save with the Federal Tax Paid on Fuels credit?

2022-01-11T10:09:06-05:00

When you buy gas at the pump you are paying a fuel tax to the federal government that they use to maintain highways and roads. But what if the fuel you are purchasing is actually for off-road use? Answer: You can request a credit for the fuel tax paid on your federal income tax return. [...]

How much could you save with the Federal Tax Paid on Fuels credit?2022-01-11T10:09:06-05:00

Does my business qualify for the Work Opportunity Tax Credit?

2022-01-11T10:09:06-05:00

Established in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment, such as veterans, the physically and mentally disabled, former felons, and other groups in need. The benefits are two-fold: individuals receiving government assistance [...]

Does my business qualify for the Work Opportunity Tax Credit?2022-01-11T10:09:06-05:00

Changes to 1099 Forms for 2020

2022-01-11T10:09:06-05:00

Many small businesses and self-employed individuals are familiar with Form 1099-MISC. Starting in 2020, the Internal Revenue Service has split the Form 1099. Non-employee compensation (NEC) will now be reported on a new form, separate from other miscellaneous income types. While the general rules of reporting remain the same, the most significant change is the [...]

Changes to 1099 Forms for 20202022-01-11T10:09:06-05:00
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