industry news
Grossman St. Amour CPAs team members address relevant subject matters in the world of accounting, taxation, business valuation and financial planning. We invite you to review the various industry articles below. Should you have a question about or interest in a particular subject matter, please contact us.
Sailing the Seas of Business on a Healthy Cash Flow
Pulling in revenue that will ultimately boost the bottom line is every business's goal. However, keeping your company in prime shape to seize profitable opportunities and overcome financial challenges is related to another objective: having a healthy cash flow. Every organization, [...]
Eligible Parents Will Begin Receiving Advance Child Tax Credits July 15
The IRS announced that the 2021 advance child tax credit (CTC) payments, which were established under a recent law, will begin being made on July 15, 2021. The IRS also stated that "roughly 39 million households — covering 88% of [...]
Vacation Home Usage Has Tax Implications
Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or as remote office locations during the COVID-19 pandemic. But this [...]
How Virtual Currency Transactions Affect Your Tax Situation
With increasing market acceptance and the skyrocketing price of Bitcoin, virtual currency has become an IRS hot-button issue. Here's an overview of the tax rules that apply to this blockchain-based method of payment. Virtual currencies, also known as cryptocurrencies, have gone [...]
Plan Now for 2021 Tax Filing Year-Estimated Tax Payments & Withholding
You can be subject to penalties if you don’t pay enough tax during the year through estimated tax payments and withholding. Now is a good time to plan for the 2021 tax filing year. Contact our office for guidance at 315.424.1120 [...]
5 Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to? While few may raise their hands, Americans regularly overpay because they fail to take tax deductions they are eligible for. Let's take a quick look at five [...]
IRS Extends Additional Tax Deadlines for Individuals
On March 17th the IRS extended the federal income tax filing and payment deadline for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. The IRS has now extended the following deadlines to May 17, 2021: [...]
Home-related tax deductions
Property tax deduction. Under the TCJA, through 2025, the property tax deduction is subject to a $10,000 limit ($5,000 if you’re married filing separately) on combined deductions for state and local taxes. Higher-income taxpayers owning valuable homes in high-property-tax locations have [...]
Big Changes to the Child Tax Credit for 2021
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here's the story. [...]
Business Owners Could Qualify for Certain Tax Breaks this Year
Click here to see Kathy Kaminski's interview about Tax Breaks for Businesses. Kathleen Kaminski, CPA, Senior Manager, talks with Channel 9 on about Tax Breaks for Businesses. For guidance on business taxation and tax deductions, call Kathy Kaminski at 315.701.6322 or [...]