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There may be relief from tax liability for “innocent spouses”

There may be relief from tax liability for “innocent spouses” If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be…

Can investors who manage their own portfolios deduct related expenses?

Can investors who manage their own portfolios deduct related expenses? In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs…

Divorcing couples should understand these 4 tax issues

Divorcing couples should understand these 4 tax issues When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing…

If you run a business from home, you could qualify for home office deductions

If you run a business from home, you could qualify for home office deductions If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses…

What are the tax implications of buying or selling a business?

What are the tax implications of buying or selling a business? If you are considering buying or selling another business, it’s important to understand the tax implications. Under current tax law, a transaction can basically be structured in two ways:…

The cents-per-mile rate for business miles decreases again for 2021

The cents-per-mile rate for business miles decreases again for 2021 This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a…

EMPLOYER TAX CREDITS FOR PAID SICK LEAVE AND FAMILY AND MEDICAL LEAVE

EMPLOYER TAX CREDITS FOR PAID SICK LEAVE AND FAMILY AND MEDICAL LEAVE The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020.  It provides businesses with tax credits to cover some of the cost for…

2020 COVID relief bill provisions affecting individual taxpayers

12/30/2020 2020 COVID relief bill provisions affecting individual taxpayers Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the "Act" or COVIDTRA) and…

COVID-19 Relief bill – Consolidated Appropriations Act, 2021

COVID-19 Relief bill - Consolidated Appropriations Act, 2021 On December 21, 2020, U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill, the Consolidated Appropriations Act , 2021. President Donald Trump signed the bill on December 27,…

Drive more savings to your business with the heavy SUV tax break

Drive more savings to your business with the heavy SUV tax break Are you considering replacing a car that you’re using in your business? There are several tax implications to keep in mind. A cap on deductions Cars are subject…