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