Trader Status Offers Significant Tax Benefits
In January 2021, online day traders trapped institutional short sellers in a short squeeze by buying up shares of the video and computer game retailer GameStop. This episode brought attention to [...]
Why It’s Important to Meet Tax Return Filing and Payment Deadlines
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed [...]
Unemployed Last Year? Buying Health Insurance This Year? You May Benefit From Favorable New Changes
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage [...]
Home Sales: How to determine your “Basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it [...]
Reminder: Estimated Tax Payments Are Due By April 15
Information provided by IRS.gov The Internal Revenue Service has issued a reminder to self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for [...]
Which Start-Up Costs Are Deductible for Federal Tax Purposes?
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in [...]
Retiring Soon? Recent Law Changes May Have an Impact on Your Retirement Savings
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently [...]
New Law: Parents and Other Eligible Americans to Receive Direct Payments
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the [...]
Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to [...]
4 Important Changes on Your 2020 Tax Return
Tax season has started. Your tax professional is ready to prepare your 2020 federal and state returns — but are you ready? The pandemic has led to several changes to the [...]
Navigate the Tax Rules for Boats and RVs
Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also be [...]
If You Run a Business From Home, You Could Qualify For Home Office Deductions
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to [...]
Six Key Tax Breaks that Homeowners May Be Able to Claim
The days of classic "tax shelters"— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. [...]
Can You Claim the QBI Deduction for 2020?
For tax years beginning in 2020, you can potentially claim a personal federal income tax deduction for up to 20% of qualified business income (QBI) from a so-called "pass-through" business, [...]
How Can Business Owners Lower Last Year’s Tax Bill?
Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you [...]