What Divorcing Homeowners Need to Know
As if the COVID-19 crisis hasn't done enough damage, some reports indicate that the extra stress and too much forced togetherness may be causing some married couples to file for [...]
Home Office Deductions in the Covid-19 Era
Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full-time, according to a recent study by [...]
Small Businesses: Are First-Year Depreciation Write-Offs Right for You?
Under today's federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. [...]
Tax Implications of Working From Home and Collecting Unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from home. Many employees have [...]
Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance [...]
Back-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax [...]
The Tax Implications of Employer-Provided Life Insurance
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for [...]
Take Advantage of a “Stepped-Up Basis” When You Inherit Property
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market [...]
Are Scholarships Tax-free or Taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will [...]
Changes to Retirement Plans Due to Covid-19
Information from IRS.gov Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. [...]
Is Your Company Facing a Cash Flow Crunch?
Cash flow is always an important element in the smooth and successful operation of your business and is particularly key in meeting opportunities and demands. Generating sales and managing operations [...]
Mid-year Tax Planning for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for [...]
Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes
Today, many people sell homemade products online or work on some unincorporated sideline venture outside of their regular day jobs. Such activities can generate extra spending money. This can be [...]
Getting A Divorce: How Should You File Your Tax Return?
A divorced or divorcing couple's tax filing status is determined as of the last day of a tax year. A couple in the process of divorce may find that they [...]
Rx for Itemizing Medical Expenses
Medical expenses can be costly — and they're not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for [...]