As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it's crucial to understand the process and legal implications. Here's a step-by-step guide...
Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 - 2023 and 2023 - 2024. Here are last-minute tax...
The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits. But be wary; during the holiday season, you may receive phone...
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both...
Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you...
Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will...
As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits and small businesses will be able to borrow...
May 2021 Individual Due Dates: May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is...
As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits, and small businesses will be able to...
President Biden’s American Rescue Plan has extended the $300 benefit through September 9, 2021, and increased the number of weeks an individual can qualify for the benefits from 50 to 74. The American Rescue Plan Act originally slated the weekly amount to be $400....
The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began...
Dear Valued Clients Potential Clients and Small Business Partners: Key2 Accounting wants to let you know that we are here to stand by you, our small business clients and partners as we navigate the unchartered waters of the Coronavirus. We have provided some updated...
IRS delays tax filing and payment deadlines to July 15 for all taxpayers ________________________________________ The Treasury Department and the IRS are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19...