Personal Taxes
Working from Home – Tax implications
Are you fortunate to be working from home because of the pandemic? Or, are have you lost your job and collecting unemployment? Both of these situations could have tax implications.
Small Business CPA
Make a deductible IRA contribution for Last Year. It’s not too late!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the tax filing deadline and claim Read more…
Small Business CPA
Estate Plan – Why it’s important to plan for income taxes
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Read more…
Small Business CPA
“Stepped-up basis” Take advantage of it when you inherit property
Why is Stepped-up Basis important? 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 For the purposes of “stepped-up basis” we note the Read more…
Small Business CPA
What qualifies as a “coronavirus-related distribution” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related Read more…
Personal Taxes
Did you get an Economic Impact Payment that was less than you expected?
Economic Impact Payments (EIPs) Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of Read more…
Business Taxes
CARES ACT changes retirement plan and charitable contribution rules
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March Read more…
Business Taxes
Family vacation combined with business travel, without losing tax benefits
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of Read more…
Personal Taxes
More Time To File (COVID-19) Individuals get relief
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April Read more…
Business Taxes
(CARES ACT) The new COVID-19 law provides businesses with more relief
(CARES ACT) On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act. Employee retention Read more…