Jun 8, 2021 | Tax Credits
As part of the American Rescue Plan Act passed in March, the child tax credit was expanded to provide families credits of up to $3,600 per child (under age 6) and $3,000 per child (ages 6-17). In addition, families are eligible to receive monthly payments... 
Apr 13, 2021 | Deductible Expenses
In an effort to help the restaurant industry, Congress included in the Consolidated Appropriations Act of 2021 a temporary provision to allow the cost of meals to be 100% deductible for 2021 and 2022, an increase from the 50% limit we have had since... 
Mar 11, 2021 | Tax Credits, Taxes
There are several tax provisions in the latest Covid relief bill that was signed into law by President Biden today. Among those, a provision that makes the first $10,200 in unemployment benefits received in 2020 tax-free for taxpayers making less than $150,000 per... 
Feb 9, 2021 | Tax Credits, Taxes
The stimulus checks many Americans received were an advance payment of a special 2020 tax credit, the recovery rebate credit. When you prepare your 2020 personal income tax return, you will need to reconcile the amount you received with the amount you were... 
Jan 10, 2021 | IRS, Tax Compliance, Taxes
The IRS released updated mileage rates for tax year 2021. Effective January 1, 2021 the standard mileage rates for the business use of an automobile will be 56 cents per mile, down from 57.5 cents per mile in 2020. Medical or moving mileage is 16... 
Dec 10, 2020 | Deductible Expenses, Non-Profit Organization, Taxes
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted Spring 2020, includes a special $300 charitable deduction designed for people who choose to take the standard deduction rather than itemize on their 2020 personal Federal income tax... 
Nov 18, 2020 | Deductible Expenses
More people have been working from home this year, due to the pandemic. However, home office expenses are not deductible if you are an employee. The Tax Cuts and Jobs Act suspended the deduction for miscellaneous itemized deductions, and as a... 
Nov 1, 2019 | Business Tax Planning
A client who wants to purchase a business asked our firm about the distribution rules for Roth IRAs. Seems he and his wife have Roth IRAs and would like to use the funds from those investments to purchase a business. So, what are the rules for Roth IRA... 
Mar 10, 2017 | Business Tax Planning, IRS, Personal, Tax Compliance, Tax Credits, Tax Planning, Tax Proposals, Taxable Income
Tax season 2017 is in full swing. Statistics issued by the IRS showed a 17.2% decline in the total number of returns received through February 10, 2017 compared to the same period last year. The decline was most likely caused by the mandate on refunds on returns...
