Stock traders be aware of the wash sale rules
If you are considering selling stock at a loss to offset gains that you have realized during the year, it [...]
Employee Retention Tax Credits for Recovery Startup Businesses are Now Available
The American Rescue Plan Act of 2021 added the Recovery Startup Provision to the employee retention tax credit ("ERTC") to [...]
What is a 529 College Savings Plan?
A 529 College Savings Plan is a plan operated by a state or educational institution named after Section 529 of [...]
Considering hiring your child for the summer?
Attention business owners- hiring your child as an employee this summer might be a smart tax strategy. In most cases, [...]
The new 100% deductible meals expense
Included within the Consolidated Appropriations Act, 2021, (CAA) was one important change, the temporary 100% meal deduction. Starting on January [...]
Can I apply the medical expense tax deduction to my return?
We get this question a lot at ClarkSilva. Luckily, it’s one of the few tax inquiries that are easy to [...]
Can I discard old tax records?
We get this question all the time at ClarkSilva, and for good reason. It’s tempting to toss old tax returns [...]
How much could you save with the Federal Tax Paid on Fuels credit?
When you buy gas at the pump you are paying a fuel tax to the federal government that they use [...]
Does my business qualify for the Work Opportunity Tax Credit?
Established in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals [...]
Changes to 1099 Forms for 2020
Many small businesses and self-employed individuals are familiar with Form 1099-MISC. Starting in 2020, the Internal Revenue Service has split [...]
How to Get a Tax Break on Customer Gifts
Sending gifts to your customers is a smart move for several reasons: it reinforces your relationship, it can be used [...]
Federal Income Tax Brackets Released for 2021: Has Yours Changed?
Tax rates haven't changed since 2018, however, the IRS updates the income brackets annually for inflation. Since tax planning is [...]
New $300 Charitable Deduction for Non-Itemizers
Don’t itemize, but you’re still eager to help your local charity out this season; sound familiar? Good news: the Coronavirus [...]
Qualified Retirement Plan Distribution Relief – Is It right for you?
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides qualified retirement plan distribution relief for those who need to [...]
Stay In Touch