Sold or Thinking of Selling Your Home?

Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been…

Tax Issues to Be Aware of as Year-end Approaches

Tax Issues to Be Aware of as Year-end Approaches Article Highlights Take Full Advantage of Your Deductions Traditional IRA Contributions at Any Age Make Charitable Contributions with IRA Funds Larger-than-Normal Charitable Contributions May Be Possible Deducting Charitable Contributions Without Itemizing Marital Status Maximize 2020 Education Tax Credits Convert Your Traditional IRA into a Roth IRA…

December 2020 Individual Due Dates

December 3 – Time for Year-End Tax Planning  December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2020 should call for a tax planning consultation appointment. December…

The IRS Does Not Accept Gift Cards for Payment of Taxes

Scammers are everywhere these days. They have all the nerve in the world and will go as far as impersonating the Internal Revenue Service to get your money. The IRS is a perfect cover because people are generally fearful of this government agency. Fear persuades victims to comply with the scammers demand, even if the…

Americans Are Being Forced to Tap into Their Retirement Savings During COVID-19

The COVID-19 pandemic has had a devastating financial impact on thousands of Americans across the country. During the second quarter of 2020, the economy contracted by 32%, resulting in millions of taxpayers have filed for unemployment for the first time, but even those monies have not been sufficient to cover living expenses for many. In…

Don’t Miss Out on Year-End Tax-Planning Opportunities

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship because of COVID-19. However, 2020 has given rise to more than the usual tax-planning…

There is More to Deducting Health Insurance than Meets the Eye

Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part…

Real Estate Professionals Must Consider S-election To Save Big on Taxes

Attention Real Estate Agents. You hand out keys to property owners on a regular basis, well here is a key just for you. It is known as the S-election. Use it to unlock massive savings by eliminating Self-Employment tax on your commissions. Additional paperwork and expenses are involved, but the tax savings far exceed the…

Quick Books Online is Perfect for Your Business

Raise your hand if you want to track your business finances in one place that is easy and secure to access whenever you desire. If your hand is up, you need Quick Books Online. It is an advanced accounting software that is perfect for your business because you get 24/7 online access backed by the…

Business Deduction for Meals

When it comes to food, taxes are a bit crazy especially for business owners. Food purchases are somewhere from zero to 100% deductible. It depends on whose mouth it ends up in. The full cost is deductible as an expense if the end user is: The General Public Employees that are working late Holiday office…