Commonwealth Tax & Financial Services

10/03/2022

Next week we will be speaking with Adriana Clegg for our Virtual Chat 22.7: Celebration of Hispanic Women in STEM!

This is going to be great, you don’t want to miss it! The event will take place live on Tuesday, October 04, 2022 at 7:00 pm EDT on Facebook Live!

03/15/2021

The American Rescue Plan has passed, bringing great news for those who are unemployed. Watch this video for a summary of the expansion and changes to the unemployment benefits in 2021.

03/12/2021

Commonwealth Tax & Financial Services has a fun tax fact to share with you.

03/12/2021

With the passage of the American Rescue Plan Act, Congress has substantially increased the child tax credit for 2021 and directed the IRS to establish an advance payment program for the last 6 months of the year.

An increased child tax credit is part of President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. This stimulus package, which was passed by Congress on March 10, 2021, and is known as the American Rescue Plan Act, will provide lower-income parents with...

03/11/2021

In many cases, workers are receiving unemployment benefits for the first time, and they may not be aware of how those benefits are taxed for federal purposes, as well as by most states.

With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment benefits by adding $600 per week through the end of July 2020. When this provision ran out, and with Congress at a stalemate, President Trump issued an ex...

03/10/2021

The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment. This is one of several government measures intended to help financially stressed citizens.

The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of EIPs since the pandemic began disrupting the economy at the beginnin...

03/10/2021

Get inspired. Some Wednesday Wisdom from Charlotte based Commonwealth Tax & Financial Services

03/09/2021

Tax reform brought good news and bad news regarding the home-office deduction. The good news is that it is still allowed for self-employed taxpayers, but the bad news is that it is currently not available for employees even when they are required to work from home during the COVID pandemic.

Many individuals, because of the COVID pandemic, have been forced to work from home in order to curtail the spread of the virus. A frequent question is do they qualify for a special tax deduction for using their home as a workplace?

03/09/2021

We often hear freelancers and gig workers discuss the freedom that comes with their career path, but going solo also creates complications in your finances. Here are 7 personal finance tips that can benefit anyone working in the freelance economy.

The freelance economy is growing every year, but it’s vital that freelancers and gig workers understand how to manage their finances to be successful.

03/08/2021

Analyzing overtime costs is an important strategic step in determining when to hire new workers and improve efficiency.

Don't miss the three steps to help determine whether it's best to pay overtime or hire new staff.

03/08/2021

Commonwealth Tax & Financial Services - Some Monday Motivation for our friends and colleagues.

03/08/2021

Because of the pandemic, many have been forced to work from home for the past year. A frequent question is do they qualify for a special tax deduction for using their home as a workplace?