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Teachers Receive Safe Harbor for Certain COVID-related Expenses
The IRS is providing a safe harbor for eligible educators to deduct certain unreimbursed COVID-19-related expenses. The safe harbor applies to expenses for personal protective equipment, disinfectant, and other supplies […]
Can You Claim a Home Office Deduction?
More people worked from home in 2020 than in any previous time due to the COVID-19 pandemic. If you’re one of them, you might be asking, “Can I claim the […]
New Form for Self-Employed COVID-19 Leave Credits
The IRS has released new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. The form allows eligible self-employed individuals to calculate the amount to claim […]
Parents Get Tax Break with Child Tax Credit
If you’re a parent, or soon will be, you’re no doubt aware of how expensive it is to pay for your child’s food, clothes, activities and education. The federal child tax […]
PPP Loans & Tax Impacts
Believe it or not, it was around a year ago when the Paycheck Protection Program (PPP) launched in response to the COVID-19 pandemic. If your company took out a PPP […]
What is the CAA and How Can it Help You?
You’ve probably heard or read about the Consolidated Appropriations Act (CAA) passed in early January 2021. At over 5,500 pages, the law presents taxpayers and their advisors with much to […]
Did You Know Business Bartering is Taxable
Many cash-challenged businesses have started bartering for goods and services instead of paying cash for them during the COVID-19 pandemic. What many don’t realize is that if your company has […]
Some Clarification on the Temporary Gift Tax Break
One of the odder portions of The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. When adjusted for inflation, this exemption allows individuals […]
Six 2021 Tax Questions & Answers
Like most of us, you are probably more focused on your 2020 tax bill than how to manage your personal finances in 2021. However, as you get ready to file […]
Pandemic-Related Payroll and Self-Employment Tax Relief Explained
While it seems like ages ago, the Families First Coronavirus Response Act (FFRCA) was passed 10 months year ago, providing businesses incentives to retain their workforce through various tax relief […]
Paycheck Protection Program Reopens – What You Need to Know
Congress passed the Consolidated Appropriations Act (CAA) on December 27, 2020, adding to, and building on, the support provided by the original act passed in May. Part of this 5500-page […]
Making Intrafamily Loans and Creating a Family Bank
Estate planning allows you to put in writing how you want your wealth distributed to loved ones after your death. What if you want to use that wealth to help […]