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Abare, Kresge and Associates CPAs


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Abare, Kresge and Associates CPAs are committed to utilizing innovation and creativity to provide the very best financial, tax and business insights and solutions, while maintaining the highest level of integrity. Our mission is to deliver first-rate solutions to every client in every situation, while providing value-added services that exceed the expectations of clients.

Abare, Kresge and Associates CPAs


   News

Tax Day for individuals extended to May 17:Treasury, IRS extend filing and payment deadline

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed

This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.



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Local Experts

HELP FOR YOUR NEW ROLE AS A FIDUCIARY TAX PLANNING IN A COMPLEX CLIMATE
If you've been named a fiduciary, you may have found yourself suddenly put in charge of a stack of statements and legal documents but with no idea what to do with it or where to start. It can be overwhelming to be responsible for another's assets and to have to work with family and friends to see that those assets are managed and ultimately distributed in accordance with the wishes of the deceased person. There are a lot of questions that could be going through your mind – "do I need to engage an attorney," "how do I access funds to pay final expenses," etc. The good news is, you don't have to feel bewildered or handle the process all by yourself...

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Women in Business

TAX PLANNING IN A COMPLEX CLIMATE
2020 has been an extraordinarily complex year and as is often the case, that complexity is reflected in taxpayer’s tax situations, whether they are businesses or individuals. Elena Hayes, Certified Public Accountant and Certified Financial Planner professional at Abare, Kresge & Associates CPAs, LLC (AKA) is providing information and tax planning services to help individuals and their businesses make sense of this complex and ever-evolving array of U.S. federal tax rules....

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We took the Pledge

Pledge St. Johns County is a commitment a business owner or manager makes to adhere to CDC guidelines and ensure St. Johns County residents, visitors, and employees are safe and comfortable while in their establishment. These guidelines include cleaning and disinfecting protocols, group size limitations, social distancing recommendations, and enhanced employee protocols and training. In addition, the establishment pledges to encourage the use of face coverings by staff and customers.

Estimated Payments

Reminder: 4th Quarter Estimated Tax Payments are coming due January 15th.

Tax Tip for 2020

Thinking of giving to your favorite charity this holiday season? Well this holiday season the IRS will be giving you a tax break back for your qualifying donations. The new �Cares Act� signed into law earlier this year included a $300 deduction for charitable contributions for individuals claiming the standard deduction. The deduction is �above the line�, reducing taxable income for individuals that, before, would not have been able to claim the deduction because itemizing was not advantageous.

Our qualified tax accountants are available to answer any questions or concerns you may have this holiday season.

Bonus Depreciation

The end of the year is approaching, and you may be looking for ways to lower your taxes. If you have business income, you may be able to lower it by purchasing equipment and/or an SUV, pickup, or van. The IRS allows 100% bonus depreciation on equipment and �heavy� vehicles used more than 50% for business. To qualify as a �heavy� vehicle, an SUV, pickup, or van must have a manufacturer�s gross vehicle weight rating (GVWR) above 6,000 pounds. This means that you will be able to expense the entire amount paid.

The depreciation deduction is not as generous for passenger automobiles, which includes light SUVs, pickups, and vans. These also need to be used more than 50% for business. The depreciation limits for these are:

  • $10,100 for the first year ($18,100 with bonus depreciation)
  • $16,100 for the second year
  • $9,700 for the third year, and
  • $5,760 for each succeeding year.

As many of you have been reading, the IRS and federal government have released initial information regarding available sick and childcare credits. These credits may have an impact on your business or personal financial standing. We have been carefully monitoring the latest releases from the IRS in an effort to best advise our clients. As it stands, we can share the following key takeaways from the most recent IRS releases that we believe will be beneficial in navigating through this troubling time of the COVID-19 pandemic. We will continue to update you as more information becomes available.

Paid Sick Leave Credit

Eligibility: Employee who is under Coronavirus quarantine or self-quarantine or has Coronavirus symptoms
Terms: Employers may receive refundable credit against their payroll tax, social security and Medicare liability owed to the IRS
Amount: Employee's regular rate of pay, up to $511 per day for up to 10 days
Note: If amount of credit exceeds payroll tax liability, the employer would file a request for an accelerated credit for the remaining balance.
Note: Equivalent credit amounts are available to self-employed individuals under similar circumstances. These credits will be claimed on their income tax return and will reduce estimated tax payments.

Child Care Leave Credit

Eligibility: Employees who is caring for family members in quarantine or caring for child whose school/childcare facility is closed due to COVID-19
Terms: Employers may receive refundable credit against their payroll tax, social security and Medicare liability owed to the IRS
Amount: Two-thirds of the employee's regular pay, capped at $200 per day for up to 10 weeks
Exemption: Small businesses with less than 50 employees will be eligible for an exemption for Child Care Credit
Note: Equivalent credit amounts are available to self-employed individuals under similar circumstances. These credits will be claimed on their income tax return and will reduce estimated tax payments.

No Audits for loans under $2 million!

The Treasury announced May 13th, that recipients of the loans under $2 million will not be subject to audit and it will be automatically determined that the borrower has acted in good faith in certifying the necessity of the loan. Prior to this announcement, there was much uncertainty among small businesses on whether they could certify that they actually needed this loan. This should alleviate the fear of 99% of all applicants.

NEW Updates to Healthcare Requirements

For the 2019 Tax Year you are no longer penalized for not having health insurance. In January 2019, The Tax Cuts and Jobs Act officially repealed the Affordable Care Act tax penalty. This means you will no longer be penalized when you file your taxes for not having health insurance.

HSA

Amounts have increased to $3,500 for Individuals / $7000 for Families. Maximum catch-up contributions for people over age 55 remain at $1,000.

Divorce

Did you go through a divorce this year or are you currently going through a divorce? The tax rules have changed. Give us a call to discuss the changes to treatment of Alimony! 904-460-0747

2019 Medical — Threshold has increased from 7.5% to 10%

The IRS allows all taxpayers to deduct the total qualified unreimbursed medical care expenses for the year that exceeds 10% of their adjusted gross income. This includes medical and dental unreimbursed expenses.