Announcement
IRS Offers New Identity Protection for Taxpayers
Article Highlights: IP PIN Identity Verification Opt-in Program Application Process : In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns,…
Read MoreCharitable Contributions Deduction Liberalized for 2021
As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash…
Read MoreIncreased Business Meal Deductions for 2021 and 2022
Article Highlights: Business Meals Under TCJA 100% Deduction for 2021 and 2022 Qualifications If you recall, the Tax Cuts and Jobs Act (TCJA), effective beginning in 2018, eliminated the business-related…
Read MoreWhat Are the Tax Advantages of Home Ownership?
Article Highlights: Historically Low Interest Rates Purchase Costs Points Mortgage Payments Refinancing Property Taxes Inflation Gain Exclusion Renting Versus Owning Worksheet to Analyze Costs Housing is a big expense for…
Read More2021 Standard Mileage Rates Announced (Rates Take Into Account 2020 Fuel Costs)
Highlights: Standard Mileage Rates for 2021 Business, Charitable, Medical and Moving Rates Important Considerations for 2021 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended…
Read MoreBeware: These Tax Return Red Flags Could Catch the Eye of the IRS
Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money…
Read More4 Questions Business Owners Should Consider During the 2020 Tax Season
As if 2020 wasn’t challenging enough, this season’s tax-filing is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into…
Read MoreCongress Has Authorized a Second Round of PPP Loans
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first…
Read MoreHow Biden’s Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic…
Read MoreHow to Protect Yourself Against Coronavirus-Related Fraud
The global coronavirus pandemic has changed every single facet of our world – from the way we work to how we live our day-to-day lives – and we have been…
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