As we see COVID cases and hospitalization rates increase in recent weeks, we would like to remind employers in Central Iowa that COVID relief legislation includes payroll tax credits (available through September 30, 2021) to help reduce the spread of…
Its July 15th 2021, and if you have kids under 17, the IRS may have sent you the first advance payment of the Child Tax Credit. As a reminder, the advance payment for kids under six is $300 monthly. The…
Assume for a moment, you have a 14 year old child. Here are the two options the IRS is giving you to claim the child tax credit in 2021: Option A: Receive a $3,000 child tax credit when you file…
As seems to be the ongoing trend….the Paycheck Protection Program (PPP) has changed again. Here’s what we know as of now! The Biden administration announced new rules, changing eligibility for self-employed (schedule C) businesses. PPP loans can now be based…
The Iowa Restaurant and Bar Relief Program will provide financial relief to some of the most impacted businesses during the COVID-19 pandemic, restaurants and bars. Eligible businesses must show a decrease in gross sales of at least 15% during the…
Attention Farmers! The time is here, and the Beginning Farmer Tax Credit application is now available. If you are a beginning farmer renting from or crop sharing with someone this might be for you. Don’t wait to check it out,…
The Paycheck Protection Program is reopening for applications again today. Please review the important information below outlining updates to the Paycheck Protection Program. If you would like BakerStarrett’s assistance determining eligibility and applying for a PPP loan (this is a…
If you have a Schedule F (Farm) on your tax return, please review the important information below regarding updates to the Paycheck Protection Program. If you would like BakerStarrett’s assistance applying for a PPP (this is a billable service), please…
Beginning January 1, 2021 the standard mileage rates are: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile for medical or moving purposes (down from 17 cents in 2021) 14 cents…
DISCLAIMER: The information below is based upon the most recently proposed legislation by Congress known as the COVID Relief Bill. This bill has not yet been signed or approved by the Office of the President as of the date of…
