 December 1 - Employers
During December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP). December 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in November. December 15 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in November.
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 December 1 - Time for Year-End Tax Planning
December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2020 should call for a tax planning consultation appointment.  By: C&N Financial Services
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 BY: C&A Financial Services
New year, new challenges, and the potential for new successes. Here are five ways you can improve your financial management in 2021. A painful year is drawing to a close. We’ll still be dealing with COVID-19 and a struggling economy in early 2021, but there’s hope on the horizon. There’s a lot you can’t control about the difficulties facing our country, but you can take control of your corner of it, especially in terms of how you manage your finances. If you’re already using QuickBooks Online, you know how it’s solved the paperwork confusion of the past. But are you taking advantage of all of its capabilities? As you turn your digital calendar to January, consider expanding your use of the website to set yourself up for success in the new year. Here are five features to explore if you haven’t already. Practice Proactive Reconciliation: QuickBooks Online’s Banking screen display registers for the bank and credit card transactions that have been posted by your banks. Do you review these frequently? It’s easy, and it’s important. It will save time when you do your monthly reconciliations with your bank statements. Hover over Transactions in the toolbar and select Banking. You can see some of your transaction management options in the image below.  By: CNA Financial Services
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 By: C&A Financial Services
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 Employee Holiday Gifts May Be Taxable:
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 By: CNA Financials Services
Preparing for 2021: Tax Planning Strategies for Small Business Owners If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and tools available to them and end up paying far more than they need to. You don’t need an accounting degree to take advantage of tax-cutting tips. Here are a few of our favorites. |
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