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.
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 [...]
Six Key Tax Breaks that Homeowners May Be Able to Claim
The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on [...]
5 Valuable Tax Credits for 2020 Individual Returns
Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. It's important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a deduction, because a credit reduces your tax [...]
Second Round of Funding Available to Eligible Businesses – A Summary
The second round of Paycheck Protection Program (PPP) funding is available to taxpayers borrowing funds for the first time, who have 500 or fewer employees and who have experienced a decline in gross receipts of at least 25% in any one [...]
Home Office Deduction: Do you Qualify?
Click here to see the Channel 9 interview about the home office deduction: Home Office Deduction Do you qualify for the home office deduction? Kathleen Kaminski, CPA, Senior Manager, talks with Channel 9 on this topic. For guidance on the [...]
How More Employers May be Eligible for the Employee Retention Credit (ERC)
Under the CARES act, passed in March 2020, Congress passed two programs to help businesses keep employees on the payroll throughout the pandemic, the Payment Protection Program (PPP) and the Employee Retention Credit (ERC). The employers who took the forgivable PPP [...]