Category Archives for TAX DEDUCTIONS
What 2020 Tax Issues are Impacting the 2021 Tax Season?
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
Read MoreSmall Businesses that Received PPP Aid May Face Tax Problems
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
Read MoreTop 10 Year-End Tax Planning Tips
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
Read MoreAvoiding Tax Debt with PPP Loans
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,
Read MorePlanning for Tax Changes for the 2020 Tax Year
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
Read MoreCoronavirus Tax Breaks Businesses can Take Advantage of Now
The IRS recently rolled out three new coronavirus tax breaks for businesses aimed at helping them through the coronavirus pandemic. As businesses and individuals across the country have been hit hard
Read MoreThe Most Common Tax Problems for 2020
Now that the 2020 tax season is upon us, taxpayers — and their advisors — should proactively consider some of the challenges that they will likely face with common tax problems.While it’s been more
Read MoreCongress Ends 2019 Passing Last-Minute Tax Changes
In the eleventh-hour of 2019, the House passed a $426 billion tax cut plan that would revive a hodgepodge of benefits known as extenders, kill a controversial tax on church parking, rescind several Obamacare
Read MoreTracking Down IRA Basis: A Gold Mine for Beneficiaries
No one likes to pay taxes unnecessarily, but that's what a lot of people who inherit IRAs wind up doing. Failing to track down the IRA basis associated with an inheritance can be a costly mistake.IRA basis
Read More10 Tax Breaks for the Middle Class
If you believe that tax breaks are reserved for the well-off: hedge fund managers and companies with offshore subsidiaries, you’re likely paying too much to the IRS.Lawmakers have enacted dozens of tax
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