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 [...]
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 [...]
Bad Debts: What Losses Can You Deduct and When?
Attempts to claim write-offs for bad debt losses have fueled controversies with the IRS for many years. Unfortunately, bad debt losses are increasingly common during the COVID-19 pandemic. Here's an overview [...]
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 [...]
2021 Individual Taxes: Answers to Your Questions About Limits
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due [...]
The Power of the Tax Credit for Buying an Electric Vehicle
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may [...]
Ways to Fully Deduct Business-Related Meals
Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they're specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December [...]
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 [...]
Is EEOC Enforcement Reform Coming?
Although the Equal Opportunity Employment Commission (EEOC) is intended to be nonpartisan, run by a five-member Commission, a president can appoint a new chairman and vice-chairman when their terms expire. Currently [...]
The Right Entity Choice: Should You Convert From a C To An S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type [...]