As we approach the end of the year, one of the things clients ask us about is year end giving.  Here are a few tips and things to consider as you contemplate making any last-minute donations. Make Sure It’s a Qualifying Deduction First and foremost, from a tax perspective, deductions are limited to certain organizations. […]

We’re halfway through November, with holidays on the horizon, making it a great time to do a quick check on end of year planning. Tax planning is a year round activity, but now is the time to make sure you’ve considered everything that could impact your tax situation for 2021. Here are our top 10 […]

COVID-19 has changed the way many people work and increased the amount of people working from home exponentially. With that in mind, we have been getting a lot of questions about taking the home office deduction. There are some very specific rules in place about who is eligible to claim the deduction, what can be […]

At Watson & Associates, we have been working with business owners for 20 years. One of the core questions we get from new business owners is, “What can I deduct?” And to that question, you’ll get the most common CPA response, “It depends.”  Every situation is different, and business taxes are trickier than individual returns. […]

The American Rescue Plan Act of 2021 (ARPA) expands the child tax credit, for 2021 only.  This credit provides some unique planning opportunities, among them the potential to receive some of these credits as an advance payment starting in July.  Here are some highlights of the new law.  For children age 6-17, expands the credit […]

On June 3, 2020, the Senate passed the House version of the Paycheck Protection Flexibility Act.  This bill will expand the provisions of the Paycheck Protection Program in several key ways to make it easier for small businesses to qualify for forgiveness.  Here is a quick summary of the changes: The 8-week forgiveness period can […]

The SBA has released their initial application and instructions to apply for forgiveness for the PPP loan.  Many of our clients have participated in this program.  There has been a lot of rumor and speculation about how the forgiveness process will work.  As formal guidance starts to come out, we want to make sure our […]

Many clients have been asking for information on how to update their personal information for the stimulus payments and to check on the status of their payment. There are two options to be aware of:   If you were not required to file for 2018 or 2019 click here. You can enter some basic information […]

Our last blog post delved into the parts of the CARES Act mostly affecting individuals. We continue our look at the CARES Act with some provisions impacting small business owners. Paycheck protection program and forgivable loans This is a partially forgivable loan program through the SBA.  Loans must be applied for by June 30, 2020 […]

Congress has just passed the largest stimulus package in U.S. history.  It’s an incredibly complicated law.  I’m going to try and focus on the areas that I think will benefit most of our clients. Recovery rebates for individuals Perhaps the provision drawing the most interest, this section provides a refundable income tax credit against 2020 […]