What 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 everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. As of November 2020, the nationwide average…

Read More

2021 Standard Mileage Rates Announced

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 Special Allowances for SUVs The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical and…

Read More

February 2021 Individual and Business Tax Due Dates

February 2021 Individual Due Dates February 1 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 1 – File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s…

Read More

Congress 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 round allowed loans to businesses with 500 or fewer employees and to certain businesses with multiple locations, for which each location could not have more…

Read More

How 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 crisis. While some of the proposals are intended to be in effect for just one year, it isn’t too great a stretch of the imagination…

Read More

IRS Cancels Stimulus Checks Issued to Decedents

Article Highlights: Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History of Stimulus Payments IRS Q&A Dealing with Deceased Individuals and the Return of the Payments According to the recently updated IRS FAQ page, the Treasury Dept. has cancelled outstanding Economic…

Read More

A Novel Way to Make COVID-19 Relief Donations

Article Highlights: Donating unused vacation time, sick leave and personal time Employer’s Function Great Donation Opportunity On March 13, 2020 the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus disease pandemic. The disaster area covers all 50 states, the District of Columbia, and five U.S. Territories. As…

Read More

How 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 forced to quickly adjust to a new normal. Unfortunately, there are those out there who seek to take advantage of this turbulent time. The Internal…

Read More