Big Updates for Retirement Accounts
A lot of new changes have been taking place lately in regard to finances - the rise and fall of [...]
Bunching deductions can provide greater tax deductions
The Tax Cuts and Jobs Act introduced in 2017 had a widespread impact by nearly doubling the standard deduction for [...]
Tax Deductions for the Holidays
The holidays are quickly approaching, with Thanksgiving just around the corner. Your company may want to spread some holiday cheer [...]
A tax deduction for your pet
A tax deduction for your pet? We field all kinds of tax questions. A common one is “can I deduct [...]
Are gambling winnings taxable?
We get this question a lot. Unfortunately, you will not be so lucky when it comes to taxes. Gambling winnings [...]
Traveling for Business Again? What Expenses are Tax Deductible?
As the country begins to climb out of the Covid-19 pandemic, business travel continues to increase. With that, we thought [...]
The IRS is now Requiring Payment Apps to Report Earnings Exceeding $600
Beginning with the 2022 tax year, annual business earnings exceeding $600 received through apps like Venmo, Zelle, Cash app or [...]
Tax strategies in a down market
Let’s face it… the financial markets have been ugly lately. Nobody likes to see their account balances down, but there [...]
Can I deduct my boat?
Boating season is here and a question we get all the time is “can I deduct my boat? You might [...]
Is it time to convert your traditional IRA to a Roth IRA?
Background If you currently have a traditional IRA, you may be considering whether you should convert your IRA to a [...]
How to File for an Extension to File Your Personal Income Tax Return
The commonly known deadline for filing your personal income tax return with the IRS is April 15, however the IRS [...]
Are you responsible for “Nanny Taxes”?
If you employ household workers, which may include housekeepers, nannies, babysitters, gardeners, cooks, health care workers and other employees it [...]
Is it really the IRS?
Scam artists often pretend to be the IRS. The scammers impersonate the IRS to either intimidate someone into sending them [...]
Considering installing energy efficient property in your residence?
Are you considering adding an alternative energy system in your home? If so, the Residential Energy Efficient Property Credit provides [...]
Changed Jobs? Don’t forget your 401(k) account!
Have you changed jobs recently? If so, chances are you have a retirement account with your former employer and you [...]
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 [...]
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