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Todd Renner

Substantiating Charitable Donations for Tax Purposes

January 20, 2021 by Todd Renner

To claim a deduction for a charitable donation, you must have certain documentation. The current tax law requirements are summarized in the table below. Contribution Type Amount Contributed Records Required Monetary (cash, credit card, check) Less than $250 Bank record or written receipt: Name of organization Amount of contribution Date of contribution Monetary (cash, credit […]

Filed Under: Tax Information

New Form 1099-NEC

January 6, 2021 by Todd Renner

The IRS issued a new 1099-series form this filing season called Form 1099-NEC. It replaces Form 1099-MISC for reporting nonemployee, or subcontractor, compensation. The amounts previously reported in box 7 of Form 1099-MISC are now reported in box 1 of Form 1099-NEC. This may seem like a small change, but a number of payors and […]

Filed Under: Tax Information

Happy Christmas and best wishes for a Joyous New Year!

December 23, 2020 by Todd Renner

I will not wax eloquently about the year now passing, but I would like to take a moment to wish you a very Happy Christmas and a Joyous New Year. A life of service to others is the best kind of life we can have, and I hope in some way I have been able […]

Filed Under: Firm Update

Social Security: Note the Key Changes for 2020

December 9, 2020 by Todd Renner

The Social Security Administration has released new numbers for those paying Social Security and those collecting it. Check out the new maximum taxable earnings amount as well as COLA and other key adjustments. Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. Here are the basics for 2020 […]

Filed Under: Tax Information

Happy Thanksgiving!

November 26, 2020 by Todd Renner

After an incredibly difficult year (so far), let’s pause to reflect on all that we are thankful for today. The frenzied pace of life will resume unabated tomorrow. May the Lord bless your family, friends, and you.

Filed Under: Firm Update

Take Advantage of Your Financial Statements

November 11, 2020 by Todd Renner

Financial statement information is most useful if owners and managers can use it to improve their company’s profitability, cash flow, and value. Getting the most mileage from financial statement data requires some analysis. Ratio analysis looks at the relationships between key numbers on a company’s financial statements. After the ratios are calculated, they can be […]

Filed Under: Accounting, Management

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