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100% Deductible Meals

100% Deductible Meals

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...
American Rescue Plan Act of 2021

American Rescue Plan Act of 2021

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...
Recovery Rebate Credit

Recovery Rebate Credit

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...
January Tax Update

January Tax Update

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...
Home Office Deduction

Home Office Deduction

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...

Roth IRA Distribution Rules

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...

October 2019 Update

Well, no updates since 2017 is kind of sad, but indicative of how busy we have been servicing our clients. The first tax season with the new provisions of the Tax Cuts and Job Provision Act is almost behind us, and there is quite a bit to reflect on. The Tax Cuts and...