Posts by jnrllc

Payment for Refundable Child Tax Credit Starts July 15

The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin receiving monthly payments without any further action required. The increased CTC payments…

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Behind the Scenes with Patrick Odom, CPA

1. What year did you join JNR?  2012 full time (intern in 2011.) 2. Where did you go to college? Bachelor of Science degree in Accounting and a Master of Science in Accountancy from the College of Charleston. 3. Why did you choose Jarrard, Nowell & Russell? Opportunity and Firm Culture. I wanted to work at a firm where I had the…

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Tax Considerations When Selling Your Small Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.  If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine…

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Tips to Help You Figure Out if Your Gift is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does…

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How to Customize Sales Forms in Quickbooks

When you receive an invoice or bill in the mail or online, how much attention do you pay to the way it looks? You might think you don’t pay any attention. Still, any communication received from vendors patronized does have an affect, and people are more likely to notice if it’s particularly good or bad. …

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Tax Withholding for Seasonal and Part-Time Employees

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during…

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Saving for Education: Understanding 529 Plans

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education as well as…

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File on Time – Even if You Can’t Pay

Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can’t, there are several options. Let’s take a look at a few scenarios:  1. An individual taxpayer owes taxes, but can’t pay in full by the deadline. If this is the case, file a…

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Tax Return Tips for Last-Minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you’ve been procrastinating on filing your tax return this year, here…

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Personal Protective Equipment Qualifies for Deduction

As a quick reminder, the purchase of personal protective equipment, such as masks, hand sanitizer, and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer…

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