Category Archives for BUSINESS DEDUCTIONS

Can you claim the home-office deduction?

  • June 2, 2022

Did you work from home this year? Find out when you can claim the home-office tax deduction. If you were part of the “Great Resignation” and it lead you to start a business or become your own

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Fact-Checking the President’s Remarks on Tax Policy

  • March 18, 2022

The president's tax policy is framed in the idea that our tax code is unfairly weighted in favor of high-income people. It's an idea that is widely accepted, but it’s just not true.President Biden delivered

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U.S. Treasury Announces New Cryptocurrency Tax Reporting Requirements

  • June 14, 2021

The Treasury Department announced that it is taking steps to crack down on cryptocurrency markets and transactions and said it will require any transfer worth $10,000 or more to be reported to the Internal

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Are IRS Penalties Tax Deductible?

  • May 11, 2021

The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service (IRS). IRS penalties are typically assessed for violations of tax laws, such as misreporting income

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What 2020 Tax Issues are Impacting the 2021 Tax Season?

  • February 19, 2021

The past year was unique in a number of ways that will impact the rapidly approaching filing season. Continued implementation of the Tax Cuts and Jobs Act, plus the pandemic-response legislation such as

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Avoid Tax Problems when Providing New Benefits

  • December 2, 2020

Providing new perks or benefits without realizing that they're likely taxable can cause tax problems down the road, for employees and employers.With the COVID-19 pandemic forcing major changes around where

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Small Businesses that Received PPP Aid May Face Tax Problems

  • December 1, 2020

A recent IRS ruling tying up a loose end in the 2020 economic-relief law could require many small businesses to pay taxes on government PPP aid meant to help through the pandemic.On Nov. 18, the agency

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Top 10 Year-End Tax Planning Tips

  • November 2, 2020

Between the political environment and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax – which makes year-end tax planning all

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Avoiding Tax Debt with PPP Loans

  • July 28, 2020

The Paycheck Protection Program (PPP) loans are a popular option for businesses struggling due to COVID-19, but understanding the tax obligations associated with them can be confusing and challenging,

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Planning for Tax Changes for the 2020 Tax Year

  • June 26, 2020

We Americans will have a long menu of tax changes for the 2020 tax year...and it's never too early to start thinking about managing next year's return. And there's a lot of good news.Just a few months

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