Reminder: Child & Dependent Care Credit Has Increased for 2021 Only
The American Rescue Plan offers some great tax benefits for working parents with young children. Not only has the plan increased the amount of the credit and eligible expenses for child and dependent care, but it also has modified the credit’s phase-out for...
Are you eligible for the Employee Retention Tax Credit (ERTC)?
BUSINESS OWNERS: DON’T LEAVE MONEY ON THE TABLE! Your company could qualify if it experienced: 50% reduction in revenue in Quarters 2-4 of 2020 and a full or partial government order or shutdown in 2020, Greater than 20% reduction in gross receipts in the first 2...
We are looking for great people to join N&Co!
We love working really hard for our clients all year long, but especially during the 14-weeks of tax season! We are currently hiring for a variety of job positions within in the firm–some are for tax season & some are year-round. If you or someone you know...
Attention All Self-Employed Individuals & Business Partners
The IRS recently approved a temporary 100% deduction for some business meal expenses incurred during the 2021 and 2022 calendar years. In order to qualify, expenses must meet the following criteria: Paid or incurred after 12/31/20 and before 01/01/2023 with the meal...
Attention Clients with Children Age 17 and Under!
The federal government has begun to distribute child tax credit payments. You can expect to receive these payments monthly if your adjusted gross income is under $400,000 if filing as Married, or $200,000 if filing as Single, Separate or Head of Household. Please keep...
Attention All New Small Business Owners & Current Restaurant/Bar Owners in Ohio: Ohio Releasing Additional Grants Today
The State of Ohio recently announced the launch of four new small business grant programs: Food and Beverage Establishment Grant Lodging Grant Entertainment Venue Grant and New Small Business Grant (for businesses that started in 2020) These grants range from up to...
Still Waiting For Your Tax Refund?
Nichols & Company ensures that the IRS accepts your return electronically; but after that point, they do not communicate with us about the status of your return. We have heard from our clients and in the news that the IRS is slow to process returns and issue...
New Tax Year 2021 Changes Brought About By the American Rescue Plan
The American Rescue Plan provides some great benefits for working parents with young children: The child care credit has been expanded. The new law increases the amount of the credit, as well as the percentage of employment-related expenses for qualifying care...