Lincoln System Accounting

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and also applies to the employee portion of the Railroad Retirement Act Tier 1 tax. #entrepreneur #money #business #realestate #investing #wealth #taxseason #investment #finance #tax #entrepreneurship #investor #smallbusiness #mortgage #bookkeeping #homeowner #taxday #entrepreneurlife #budget #businessowner #onlinebusiness #financialfreedom #irs #insurance #economy #property #savings #bitcoin #10x #gold

As such, it's always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Read more: https://linkin.bio/lincolnsystems #business #accounting #entrepreneur #tips #successful #growth #instafollow #takeaction #success #finance #accountant #startup #advisory

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be witnessed by a notary public or in the presence of a plan representative. This includes a spousal consent as well. Read More: https://linkin.bio/lincolnsystems #wealth #finance #success #money #investing #debt #budget #everydollar #estateplanning #plans #business #personalfinance

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to business taxpayers who pay or receive nonemployee compensation. Generally, payers must file Form 1099-NEC by January 31. For 2020 tax returns, however, the due date is February 1, 2021. Be advised that there is no automatic 30-day extension to file Form 1099-NEC although an extension to file may be a...vailable under certain hardship conditions. Nonemployee compensation may be subject to backup withholding if a payee has not provided a taxpayer identification number to the payer or the IRS notifies the payer that the taxpayer identification number provided was incorrect. Backup withholding refers to situations when the person or business paying the taxpayer doesn't generally withhold taxes from certain payments. It applies to most kinds of payments reported on Forms 1099 and W-2G. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income. This is known as backup withholding. A taxpayer identification number (TIN) can be one of the following numbers: -Social Security -Employer identification -Individual taxpayer identification -Adoption taxpayer identification If you have questions on nonemployee compensation, contact the office for more information. #business #finance #entrepreneur #smallbusiness #success #tax #financial #smallbiz #bookkeeping

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year. @ Santa Monica,C.A.

Selecting your business successor is a fundamental objective when planning your exit strategy and requires a careful assessment of what you want from the sale of your business and who can best give it to you. There are only four ways to leave your business and the more you understand about each one, the better the chance is that you will leave your business on your terms and under the conditions you want. With that in mind, here's what you need to know about each option: Read More: https://linkin.bio/lincolnsystems

Section 199A, enacted as part of the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction). It is available to eligible taxpayers with qualified business income (QBI) from qualified trades or businesses operated as sole proprietorships or through partnerships, S corporations, trusts, or estates, as well as for qualified REIT dividends and income from publicly traded partne...rships. The deduction is not available for C corporations. Recently, regulations were issued clarifying that a RIC that receives qualified real estate investment trust (REIT) dividends is now able to report these dividends, which are paid to its shareholders, as section 199A dividends to take the deduction. The regulations also provide additional guidance on the treatment of previously disallowed losses that are included in QBI in subsequent years and guide taxpayers who hold interests in split-interest trusts or charitable remainder trusts. For more information about this and other provisions of the TCJA, please call. Read More: https://linkin.bio/lincolnsystems

While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hou...rs a school year in a school that provides elementary or secondary education as determined under state law. Teachers and other educators can also take advantage of various education tax benefits for ongoing educational pursuits such as the Lifetime Learning Credit or, in some instances depending on their circumstances, the American Opportunity Tax Credit. Read More: https://linkin.bio/lincolnsystems

Don't hesitate to call if you need assistance filing an amended return or have any questions about Form 1040X. Visit our website or call link in bio #accountant #accounting #business #tax #bookkeeping #finance #taxes #cpa #taxseason #smallbusiness #accountants #entrepreneur #incometax #payroll #charteredaccountant #taxprofessional #bookkeeper #taxpreparer #audit #accountantlife #businessowner #taxplanning #taxreturn #ca #money #irs #taxrefund #accountingservices

The "Dirty Dozen" is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly. Read more on our newsletter Link in Bio. #accountant #accounting #business #tax #bookkeeping #finance #taxes #cpa #taxseason #smallbusiness #accountants #entrepreneur #incometax #payroll #charteredaccountant #taxprofessional #bookkeeper #taxpreparer #audit #accountantlife #businessowner #taxplanning #taxreturn #ca #money #irs #taxrefund #accountingservices