Taxes

Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces Student Loan Interest Deduction Tuition and Fees Deduction Deduction for Early Withdrawal of Savings Deductible Part of Self-employment

Obviously, the still-ongoing COVID-19 pandemic has been a major challenge for all of us since it kicked into high gear in March of 2020. In the months since, millions of people have found themselves out of a job and the ones that remained were suddenly

Article Highlights: Credit Amounts Deceptive Advertising Refundability Worth the Cost? Qualifying Property When Is the Credit Available? Who Gets the Credit Multiple Installations Battery Installation Costs Basis Adjustment Association or Cooperative Costs Mixed-Use Property Newly Constructed Homes Utility Subsidy   A federal tax credit for

Article Highlights: The Extension About the Credit Advance Payment Employer Qualifications Qualified Wages Impact on Other Tax Provisions Claiming the Credit In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic

Article Highlights: Consolidated Appropriations Act, 2021 Interaction between PPP loans and the ERC PPP Loan Forgiveness Denied Amending Forms 941 Qualified but Never Claimed the ERC The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December,

Article Highlights: Risky What is a Day Trade? Pattern Day Trader Equity Requirements Margin Trading Tax Implications Day Trading as a Business Day Trading Business Tax Issues Election   Day trading is neither illegal nor unethical, but it can be highly risky. Most individual investors do not have

Article Highlights: Legislation for Major Disasters Definitions Qualified Disaster Distributions Re-Contributing Withdrawals for Home Purchases Retirement Plan Loans Loss Limitations, Revised Relief for Non-Itemizers Employee Retention Credit Other Disaster Area Tax Issues Most of us will always remember the year 2020, as much as we

Article Highlights: Time to Gather Your Information New for 2020 Choosing Your Alternatives Tips for Pulling Your Information Together Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation

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 there’s a good chance that you’re downright annoyed. But neither of those things compare to

Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments. Have your customers been submitting payments later than usual these last several months? It wouldn’t be surprising. Many businesses are struggling to pay bills these days. Still, you need