Tax Planning
Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes
Article Highlights: Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces…
Read MoreThe Importance of a Well-Oiled Accounting Function
Though it’s natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized. The more diligent and meticulous…
Read MoreRetirement Plan and IRA Required Minimum Distributions FAQs
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If…
Read MoreDon’t Throw Away That Notice 1444
Article Highlights: Notice 1444 You May Qualify for Additional Credit on the 2020 Return Tax Records The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that…
Read MoreCoronavirus-Related Tax Relief for U.S. Families and Individuals
As Americans and global citizens, we are living in unprecedented times with the onset of coronavirus (COVID-19) around the world. As we work together to move through these difficult times…
Read MoreUnemployed by COVID-19? Special Benefits May Apply to You.
Article Highlights: Pandemic Unemployment Assistance Benefit Extensions Self-employed Coverage Taxability Withholding – Estimated Payments The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance…
Read MoreTax Benefits for People with Disabilities
Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Individuals with disabilities as well as parents of disabled children are eligible…
Read MoreSmart Money Moves to Make Once You Turn 50
Congratulations, you made it to half a century! Your fifties can be a tumultuous time: Not having to work anymore sounds like a dream, but you might be concerned you…
Read MoreTax Changes For 2019
Article Highlights: Medical Threshold Electric Vehicle Credit Phaseout Alimony Finalization of State- and Local-Tax Deduction Limitation Penalty for Not Being Insured Qualified Opportunity Funds Seniors’ Special Tax Form Family and…
Read MoreHoliday Gifting with a Tax Twist
Article Highlights: Employee Gifts Gifts of College Tuition College Student Supplies Electric Car Credit Work Equipment Solar Electric Credit Charitable Gifts Some holiday gifts you provide to members of your…
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