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 [...]
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 [...]
Did You Make Donations in 2020? There’s Still Time to Get Substantiation
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter [...]
Last-Minute Tips for Your 2020 Personal Return
Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return [...]
One Reason to File Your 2020 Tax Return Early
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that [...]
Educate Yourself About the Revised Tax Benefits for Higher Education
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher [...]
Can You Qualify For A Medical Expense Tax Deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. [...]
The COVID-19 relief law: What’s in it for you?
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated [...]
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. [...]
Medical Costs: Can I Really Get a Tax Break for That?
It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of [...]
Tax Implications When Lenders Cancel Debts in the Covid-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers. While [...]
CARES Act Changes Rules for NOL Carrybacks and QIP
Consider these two favorable federal income tax rule changes included in the Coronavirus Aid, Relief and Economic Security (CARES) Act when deciding whether to take advantage of first-year depreciation breaks [...]