Have you changed jobs recently? If so, chances are you have a retirement account with your former employer and you now have an important financial decision to make regarding this account. Let’s explore your options: Keep your money in your former employer’s 401(k) plan If your account balance is at least $5,000 you have the [...]
If you are considering selling stock at a loss to offset gains that you have realized during the year, it is important not to run afoul of the "wash sale" rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within a 30-day period [...]
The American Rescue Plan Act of 2021 added the Recovery Startup Provision to the employee retention tax credit ("ERTC") to allow recovery startup businesses to qualify for the ERTC. A recovery startup business for purposes of the Recovery Startup Provision is defined as a business who: Began operations after February 15, 2020 and Average annual [...]
A 529 College Savings Plan is a plan operated by a state or educational institution named after Section 529 of the Internal Revenue Code. 529 Plans have certain tax advantages that make it beneficial to save for college and other qualifying education expenses for a designated beneficiary, such as a child or grandchild. What are [...]
Attention business owners- hiring your child as an employee this summer might be a smart tax strategy. In most cases, this results in tax savings to the business owner and little to no tax to the child. Some Rules: The child must legitimately be an employee of the business and perform the services. Your child [...]
Included within the Consolidated Appropriations Act, 2021, (CAA) was one important change, the temporary 100% meal deduction. Starting on January 1, 2021, through December 31, 2022, a business may claim as a deduction 100% of food or beverage expenses paid to restaurants. The provision requires that the business owner or an employee of the business [...]
We get this question a lot at ClarkSilva. Luckily, it’s one of the few tax inquiries that are easy to explain! Short answer: yes, you can potentially deduct medical expenses such as prescription drugs on your federal tax return. That said, it can be hard to qualify for this rule, but with proper planning, you [...]
We get this question all the time at ClarkSilva, and for good reason. It’s tempting to toss old tax returns that no longer seem relevant. But which can go? And, are you opening yourself up to issues down the road by doing so? A good base rule is to save tax records for the past [...]
When you buy gas at the pump you are paying a fuel tax to the federal government that they use to maintain highways and roads. But what if the fuel you are purchasing is actually for off-road use? Answer: You can request a credit for the fuel tax paid on your federal income tax return. [...]
Established in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment, such as veterans, the physically and mentally disabled, former felons, and other groups in need. The benefits are two-fold: individuals receiving government assistance [...]
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ClarkSilva was formed in 2019 by Keith Clark and Benjamin Silva. Keith and Ben met while working for a large regional accounting firm. During that time, they dreamed of a different kind of accounting firm. An accounting firm built with technology not volumes of books and endless stacks of paper…
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