by LittleOwlCPA Admin | Sep 2, 2022 | Small Business, Tax Planning
Beginning January 1, 2022, Georgia’s new law establishing a workaround for the federal income tax limitation on deductions for state and local taxes became effective. Owners of pass-through entities including Partnerships, some Limited Liability Companies and...
by LittleOwlCPA Admin | Aug 5, 2022 | Family, Individual Tax, Tax Planning
If you have a child or other dependent and work outside the home, you may need to pay someone to care for your loved ones. Fortunately, the child and dependent care credit may provide some financial relief. The child and dependent care credit is an income tax credit...
by LittleOwlCPA Admin | Jun 24, 2022 | Small Business, Tax Planning
Fringe benefits may be defined as noncash compensation benefits provided by employers to their employees. Fringe benefits may take a variety of forms, including accident and health benefits, group-term life insurance coverage, dependent care assistance, employee...
by LittleOwlCPA Admin | Jun 10, 2022 | Individual Tax
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts to be emptied within 10 years of...
by LittleOwlCPA Admin | May 27, 2022 | Individual Tax
A Roth individual retirement account (IRA) is a personal savings plan that offers certain tax benefits to encourage retirement savings. Contributions to a Roth IRA are never tax deductible on your federal income tax return, which means that you can contribute only...
