Work Opportunity Tax Credit extended through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for each eligible employee, including ex-felons and from other groups. The maximum credit amounts are different for some employees ($4,800, $5,600 and $9,600 for certain veterans; $9,000 for long-term family assistance recipients; and $1,200 for summer youth employees). The WOTC was set to expire on Dec. 31, 2020. But a law passed late last year extends it through Dec. 31, 2025. Contact us with questions or information about your situation.
Connecting With Customers: 8 Simple Ways to Improve Your Self-Storage Service Approach
As a self-storage manager, you know customer service is important. It’s no doubt been drilled into your head from your owner and all over the industry. But do you know how to make yours better? Here are eight easy ways to elevate your approach and connect with prospects and tenants.
Property Investment Strategies To Consider In 2021
As 2021 kicks off, there are still various unknowns going on in the world. You might be wondering what rental investing, and specifically your rental investing strategy, is going to look like this year. Since last year took many unexpected turns, it can be frustrating to reflect on all of the things you were unable […]
Building a Multifamily Brand From the Ground Up
Sometimes, it’s an afterthought. You’ve dedicated so many resources to assembling a portfolio of properties in strategic markets, developing brand-new communities, conducting market research, and streamlining operations that it’s easy to overlook. A brand, whether portfoliowide, regional, or individual to each community, might seem secondary to operational efficiencies and amenity packages. But make no mistake: […]
Manufacturing Cybersecurity Threats and How To Face Them
With manufacturing cybersecurity threats on the rise, what should companies know about protecting their digital assets in the future?
Why back-office systems are more critical to healthcare providers today than ever before
While healthcare providers have invested heavily in clinical systems over the past decade, they’ve mostly ignored financial and operational systems.
Should your business add Roth contributions to its 401(k)?
Many businesses consider adding designated Roth contributions to their 401(k) plans. Roth contributions differ from other elective deferrals in that: 1) they’re irrevocably designated to be made on an after-tax basis, rather than pretax, and 2) the earnings won’t be subject to federal income tax when distributed as long as the rules are followed. Dollar limits for Roth 401(k) contributions are much more generous than those for Roth IRAs, but participants will face risks related to post-retirement tax rates and needing a distribution before qualifying for tax-free treatment. Your business will also face more complex plan administration and communication. Contact us for more info.
Didn’t contribute to an IRA last year? There still may be time
If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax savings on your 2020 return. For 2020 if you’re qualified, you can make a deductible traditional IRA contribution of up to $6,000 ($7,000 if you’re 50 or over). To be qualified, you must meet rules involving your income and whether you (or your spouse) are an active participant in an employer retirement plan. Contact us if you want more information or ask us about it when you prepare your tax return.
If you run a business from home, you could qualify for home office deductions
During the pandemic, many people are working from home. If you’re self-employed and run your business from home or perform certain functions there, you may be able to claim deductions for home office expenses against your business income. There are two methods for claiming deductions. With the actual expenses method, you claim direct expenses, such as the cost of carpeting and a proportionate share of indirect expenses, such as utilities, insurance and depreciation. With the simplified method, you deduct $5 for each square foot of home office space, up to $1,500. Unfortunately, employees aren’t eligible for home office deductions. We can help you determine if you qualify and how to proceed.
Notice 2021-15: Relief for health FSAs and dependent care assistance programs under “cafeteria plans” (COVID-19)
The IRS today released an advance version of Notice 2021-15 to clarify application of provisions of the “Taxpayer Certainty and Disaster Tax Relief Act of 2020” (enacted as part of the “Consolidated Appropriations Act, 2021” (Pub. L. No. 116-260)) which provides temporary special rules for health flexible spending arrangements (health FSAs) and dependent care assistance […]
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