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...
by LittleOwlCPA Admin | May 13, 2022 | Individual Tax
Do you give money to your church? Do you get a tax benefit from those donations? How about your donations to other charities? Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But there’s a...
by LittleOwlCPA Admin | Apr 29, 2022 | Individual Tax
For parents and students trying to manage college bills and student loan payments, the federal government offers education-related tax benefits. The requirements for each are different, so here’s what you need to know. American Opportunity credit The...
