"A Dream written down with a Date becomes a Goal. A Goal broken down into steps becomes a Plan. A Plan backed by action becomes Reality!"
-Unknown

HAPPY NEW YEAR 2021!!
4th Quarter Estimated Payments

Due January 15th, 2021.

Payroll Taxes & 1099's
Due January 31st, 2021
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How do I qualify for the new emergency EIDL grant?
To qualify for the full emergency $10,000 EIDL grant, a business must:


• Be located in a low-income community, and
• Have suffered an economic loss greater than 30%, and
• Employ not more than 300 employees
In addition, the business must qualify as an eligible entity as defined in the CARES Act:
• A small business, cooperative, ESOP Tribal concern, with fewer than 500 employees*
• An individual who operates under as a sole proprietorship, with or without employees, or as an independent contractor; or
• A private non-profit or small agricultural cooperative.
• The business must have been in operation by January 31, 2020
• The business must be directly affected by COVID-19
Where's My Stimulus Check?

Eligible individuals can claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR.

The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Any eligible individual who did not receive the full amount of the recovery rebate as an advance payment, also known as an Economic Impact Payment, can claim the Recovery Rebate Credit on a 2020 Form 1040 or Form 1040-SR.

Generally, this credit will increase the amount of your tax refund or lower the amount of the tax you owe.

You do not need to complete any information about the Recovery Rebate Credit on your 2020 Form 1040 or 1040-SR if your Economic Impact Payment in 2020 was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020. You received all your recovery rebate in 2020.


Click on the button below for an updated 2021 mileage chart. The table summarizes the optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
Here's what we know about the second round of PPP:

  • PPP Program will be open to new borrowers on January 11, and for 2nd draw borrowers on January 13.
  • Public companies are ineligible to receive PPP funds.
  • Maximum loan sizes for this round are $2 million.
  • PPP is tax deductible
  • Show a 25% decrease in gross receipts.

Also, a reminder to look over your W-4 withholding's and ensure they are at the level needed to keep you from overpaying in income taxes.
January Birthdays
Happy Birthday!
Peter Arcuri
Ameit Balkissoon
Nadia Beane
Tiffany Bennett
Oksana Brewer
Linda Cantu
Linda Carter
Rosemary Casalbore
Monica Diaz
Robert Edwards
Joseph Follman
Iris Gantz
Kathleen Garland
Thomas Haggerty
Caitlin Harris
Valarie Hazell
Kristina Helferty
Shaunna Lubecki
Kyle Mishler
Doug Mitchell
Julie O'Brien
Todd Pegher
Susan Rittenhouse
Maria Santos
Wendy Swertfeger
Best Wishes from the Team @ KH CPA!
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