“Do I get a tax deduction working from home”? It’s the biggest question we hear from almost everyone these days. Especially as many individuals have been forced to work from home due to the COVID pandemic. So do you qualify for a special tax deduction for using your home as a workplace? Let’s break it …
Tax Central
Collection of Easy-to-Use Tax Calculators for Personal Finance and more
Looking for tax calculators to help estimate your taxes, or determine your capital gains or losses? Or how about a calculator to help determine if your spouse should enter the work force? This section includes a library of over one hundred financial calculators. The calculators are easy-to-use and provide in-depth analysis for virtually any financial …
Collection of Easy-to-Use Tax Calculators for Personal Finance and moreRead More
Video: Can I Get a Tax Deduction for a Home Office?
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 …
Video: Can I Get a Tax Deduction for a Home Office?Read More
Beginners Guide to Figuring Out Your Tax Filing Status
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 …
Beginners Guide to Figuring Out Your Tax Filing StatusRead More
Analyzing Overtime Costs: A Strategic Step for HR
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 …
Special Rules Apply to 2020 EITC and Child Credit
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 …
Tax Consequences of Crowdfunding
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 …
Video: Required Minimum Distribution Resumes In 2021
Congress put a halt on the Required Minimum Distribution (RMD) for the traditional IRA in 2020 in response to the pandemic. However, the RMD will be resumed in 2021 and subsequent years. Please give us a call at 360-778-2901 if you have questions about your Required Minimum Distribution. Or if you’d like to learn more …
Video: Required Minimum Distribution Resumes In 2021Read More
Itemizing NOT Necessary. Claim These Tax Deductions Without Itemizing
Claiming tax deductions without itemizing on your tax return? It’s now a reality. Most taxpayers think they have to itemize their deductions to claim them on their tax return. However, that is not entirely true. You can claim certain deductions while still using the standard deduction. Here is a list of tax deductions you can …
Itemizing NOT Necessary. Claim These Tax Deductions Without ItemizingRead More
