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With so many people working at home this year, we’ve received lots of questions about the possibility of receiving a tax deduction for a home office. Because of the pandemic, many have been forced to work from home for the past year. People want to know if they qualify for a tax deduction because they …
Understanding tax filing status can be confusing. This article can help clear up any questions you may have about your tax filing status. Filing status is determined on the last day of the year and most often is based on marital status. The two most common tax filing status: Single Unmarried individuals without dependents. Married …
In 2021, required minimum distributions (RMDs) will resume as they were before the pandemic. As part of the CARES Act, the requirement for older taxpayers to take RMDs from their retirement plans was waived for 2020. This was due to the anticipated drop in value for most investments as a result of the economic effects …
Travel Deductions are not so cut and dried as you many think. A recent tax court decision holds potential impact for travel deductions. There are many professions that require employees to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by …
Analyzing overtime costs can be an important strategic step in determining when to hire new workers and improve efficiency in operations, labor costs and productivity. Overtime vs. More Hires An important strategy for making hiring decisions is looking closely at the costs of overtime compared with the costs of hiring additional employees. Those costs will …
2020 EITC and Child Credit must now follow special rules. Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) will be adversely affected. Since the credits, are based in part on …
Small businesses move to front of the line for PPP Loans in an effort to help the Mom & Pop local stores survive. As of February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period targeted for small businesses. Specifically the loan period is designated for small businesses and nonprofits having …
If you’ve ever had concerns about the tax consequences of crowdfunding – you are not alone. Raising money through Internet crowdfunding sites like GoFundMe, Kickstarter, Patreon or Indiegogo often prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging from 5 to 9%. Each site …
This month, we’ll discuss paying your bills in QuickBooks. Click Pay Bills on the home page or open the Vendors menu and select Pay Bills. The screen that opens displays bills that you’ve entered that need to be paid. You can choose to list those due on or before a date you specify or all bills. By default, all vendors …
