↓
 

Lake Wylie Tax Service | Bookkeeping | Payroll Service

Lake Wylie Tax Service | Bookkeeping | Payroll Service

  • Home
  • About Us
  • Services
  • Information
    • Tax News
  • 2020 Tax Organizers
  • Tax Tips & Blog
  • Testimonials
  • Contact Us

Category Archives: COVID-19

Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 27, 2020 by Lake Wylie Tax Services StaffAugust 27, 2020

New Opportunity to Receive $500 Economic Impact Payments The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn’t receive a $500 per child Economic Impact (stimulus) Payment earlier this year.

When to Apply – The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool between August 15 and September 30 to enter information on their qualifying children to receive the supplemental $500 payments.

Continue reading →
Posted in COVID-19 | Tagged Tax Planning

A Novel Way to Make COVID-19 Relief Donations

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on June 16, 2020 by Lake Wylie Tax Services StaffJune 16, 2020

A Novel Way to make COVID 19 donationsOn March 13, 2020 the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus disease pandemic. The disaster area covers all 50 states, the District of Columbia, and five U.S. Territories. As a result, and as was done in the past in the wake of major disasters, including Hurricanes Katrina, Sandy, Harvey and Maria, the IRS is providing special relief that allows employees to donate their unused paid vacation, sick leave, and personal leave time to COVID-19 relief efforts.

Here is how it works: if your employer is participating, you can relinquish any unused and paid vacation time, sick leave and personal leave for cash payments which your employer will donate to COVID-19 relief charitable organizations. The cash payment will not be treated as wages to you and your employer can deduct the amount donated as a business expense. However, since the income isn’t taxable to you, you will not be allowed to claim the donation as a charitable deduction on your tax return. Even so, excluding income is often worth more as tax savings than a potential tax deduction, especially if you generally claim the standard deduction* or you are subject to AGI-based limitations.

Continue reading →
Posted in COVID-19, Deductions

Are You Missing Your Stimulus Check?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 11, 2020 by Lake Wylie Tax Services StaffMay 11, 2020

If you had filed either your 2019 or 2018 return before the direct deposits were issued, you should already have the money in the bank, UNLESS: Watch the video for details.

Continue reading →
Posted in COVID-19 | Tagged Stimulus Checks

Rebates Are Finally Flowing – Did You Get Yours; Was It Correct?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 21, 2020 by Lake Wylie Tax Services StaffApril 21, 2020

Where is my Covid 19 Stimulus ChecksThe IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.” However, not everyone who was expecting one has received theirs, and some may not be the amount expected.

The Treasury first looked for a filed 2019 return when they began making the payments. If a 2019 return was not filed in time to catch the payment dates, they used the family makeup and income from the 2018 return if one was filed. If neither was filed, then they paid rebates to recipients of Social Security, SSI disability, survivors, Railroad Retirement and veterans’ benefits.

Continue reading →
Posted in COVID-19, Tax Central

Congress Makes Charitable Giving Easier During the COVID-19 Crisis

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 16, 2020 by Lake Wylie Tax Services StaffFebruary 18, 2021

Charitable-Giving-Easier-During-the-COVID-19-CrisisTo encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year.

Under normal circumstances, cash contributions are limited to 60% of a taxpayer’s adjusted gross income (AGI). However, as has happened in the aftermath of prior disasters such as 2017 hurricanes Harvey, Irma and Maria, the CARES Act has increased the AGI limit to 100% for 2020. Any amount in excess of 100% can be carried over and deducted on subsequent years’ returns until the excess is used up or until five years have passed, whichever happens first.

The CARES Act also created an above-the-line charitable contribution for taxpayers who don’t itemize their deductions. This will allow for a charitable deduction for cash contributions to qualified charities of up to $300 made in 2020.

While generally, the increased charitable contribution limitations related to natural disasters have applied only to contributions to relief efforts specific to the disaster, the only requirement for the CARES Act provisions is that the donations be in cash.

Continue reading →
Posted in COVID-19 | Tagged Charitable Giving

‘Main Street’ Loan Program to Support Small to Medium-Sized Businesses

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 14, 2020 by Lake Wylie Tax Services StaffApril 14, 2020

'Main Street' Loan Program to Support Small to Medium-Sized BusinessesOn April 9, 2020, the Federal Reserve announced it would be taking additional steps to support the US economy by providing up to $2.3 trillion in loans, including through the creation of a Main Street Lending Program. This program will support main street businesses by providing financing to lenders that make direct loans to these small to medium-sized companies.

As part of the response to the COVID-19 emergency, this lending facility is meant to support those SMBs who were in good financial standing prior to the pandemic, and who might not have access to broader capital markets or who don’t qualify for the SBA’s Paycheck Protection Program (PPP).

Continue reading →
Posted in COVID-19, Tax Central | Tagged Small Business

The Latest COVID-19 News for Taxpayers and Small Business Owners

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on April 7, 2020 by Lake Wylie Tax Services StaffApril 7, 2020

As the whole world grapples with the personal, professional, and economic fallout of the COVID-19 outbreak, we wanted to help our tax and small business clients stay up to date on the latest news affecting them each day. Keep checking back for the top headlines to stay informed.

Continue reading →
Posted in COVID-19
© 2022 Lake Wylie Tax Service . - All rights reserved
Web Design and Hosting by Pro Impact, LLC
↑
Translate »