The new year brings with it some tax changes from the IRS, but far fewer than we saw with the Tax Cuts and Jobs Act of 2017, say tax advisors. From higher education credits to contribution limits and income caps for retirement accounts, and exemptions from gift and...
With so many people setting up home offices in spare rooms, basements and kitchen tables due to the COVID-19 pandemic, many are wondering if they can take the home office tax deduction on their 2020 tax return. Unfortunately, the answer is more than likely, no. And,...
The COVID-19 pandemic has changed the world and had an enormous financial impact, on both small and large businesses across the U.S. Financial experts agree, year-end tax planning is especially critical this year, as the disruption of the virus has led to a number of...
We recently blogged about business deductions but want to provide you with some more information based on the questions we are fielding from clients this year. New business owners and entrepreneurs may have a great opportunity to deduct very specific expenses. ...
As a small business owner, every penny counts when you are buying supplies and equipment for your business. Luckily, every penny also counts when you report those purchases as tax deductions. In fact, according to the IRS, everything you purchase that is “ordinary and...
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