In guidance issued in late November, the IRS confirmed that taxpayers that received a Paycheck Protection Program (PPP) loan and that paid eligible expenses with proceeds from that loan cannot deduct those expenses in the tax year in which the Read more…
A common misconception in tax filing is that those who use the Standard Deduction instead of itemizing deductions have few additional benefits available to reduce their tax bill. This is often not the case. Should you take the standard deduction Read more…
As we approach the end of the year, there’s still time to reduce the taxes you owe in 2020. Here are six ideas that can save money for many taxpayers. 1. Leverage pre-tax savings Be sure to take advantage of Read more…
The deadline to register for your stimulus check (or more properly, your “Economic Impact Payment”) using the Non-Filers tool has extended to November 21, 2020. If you or a family member typically don’t have to file a tax return and Read more…
Closing a business is never an easy decision to make. Nonetheless, it’s sometimes necessary and not all that uncommon. If you find yourself in this situation, there are number of steps you should take to shut down your business in Read more…
With unemployment at historicly high levels, a lot of people find themselves changing jobs. If you are one of them, be sure to think about any 401(k) that you might be leaving behind at your old employer. The money in Read more…
Amid this global pandemic, a lot of people find themselves working from home, rather than traveling to an office. Because of this, there is more interest than usual in the home office deduction. Here’s what you need to know. The Read more…
A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax holiday, however, is Read more…
If you own shares of stock that have increased in value, one way to avoid a taxable gain is to gift them to another. Although it’s simple in concept, gifting stock does have some tax consequences to consider. Value of Read more…
Are you still waiting for your Economic Impact Payment? Did you get your payment but it was for the wrong amount? The IRS initially said you needed to wait until filing your 2020 tax return to resolve these sorts of Read more…