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Encore Partners Insights

Be aware of revised tax benefits for higher education

January 13, 2021

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill.

The next estimated tax deadline is January 15

January 7, 2021

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis.

Favorable PPP loan changes and doubled business meal deductions

January 6, 2021

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic.

Take advantage of the heavy SUV tax break

December 14, 2020

Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind.

Maximize your 401(k) plan to save for retirement

December 8, 2020

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money.

1099-NEC Replacing Form 1099-MISC

December 4, 2020

For 2020 filings, there is a new and different form to fill out. The IRS will require Form 1099-NEC, Nonemployee Compensation to report non-employee compensation—Not Form 1099-MISC which was used for 2019 reporting.

Heavy SUV tax deductions

December 2, 2020

Before Dec. 31, your business should act quickly and purchase any needed business equipment and other depreciable property. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Don’t forget about your FSA funds

November 27, 2020

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs).

Health Savings Accounts for your small business

November 16, 2020

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA).

California Franchise Tax Board (FTB) Updated COVID-19 FAQs

November 11, 2020

Updated COVID-19 guidance is available from the California Franchise Tax Board (FTB). The FTB has beefed up its Frequently Asked Questions (FAQs) by adding to the Teleworking and the Stay at Home Executive Orders.

Withdrawing cash at a low tax cost

November 9, 2020

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost.

COVID Closings and your finances Encore Partners CPAs

Is your business closing amid the pandemic?

November 2, 2020

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met.