Is Your Home Office Tax-Deductible?
Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Q. Who says …
Eligible Paycheck Protection Program Expenses are Now Tax Deductible
The Treasury Department and the IRS issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a …
Eight Tax Breaks in the New Stimulus Bill
As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on …
Economic Impact Payments Are on Their Way
A special announcement from the IRS: The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather …
Tax Updates for 2021
Does it seem like you just did your taxes? Even though you may have filed your individual return during the summer of last year, your 2020 tax return is due …
The IRS Begins Delivery of the Second Round of Economic Impact Payments
The Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 …
Tax-Smart College Saving Strategies for Parents. Start 2021 on the Right Path!
College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. Tax law has provisions to help you cover …
IRS Issues Standard Mileage Rates for 2021
From the IRS: The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or …
Year-End Reminder: Expanded Tax Benefits Help Individuals and Businesses Give to Charity During 2020
From the IRS: The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Coronavirus …
COVID-19 Relief: The IRS Goes Easy on Taxpayers Who Owe Back Taxes
Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic …