Housing is a big expense, but there are a few tax advantages of home ownership that tip the scale towards owning over renting. However, home ownership often means financing in order to make that major purchase a reality. Despite the cost, as of November 2020, the nationwide average for a 30-year fixed-rate mortgage was just …
Tax Central
It Passed! What’s In The New COVID Relief Law?
Stimulus checks are just a small part of it the new COVID relief law. To sum up, this includes more unemployment help, EIDL loans, PPP, Employee Retention Credit, EIC, CTC, Eviction moratorium, and much more. After several months of not being able to agree on additional COVID-related tax relief, Congress finally finalized the much-needed legislation. …
Help is on The Way – Emergency Coronavirus Relief Agreement Reached
After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill. Although not all the details are fully available yet, the following provides a good overview of the provisions affecting individual taxpayers and small businesses. Emergency coronavirus relief provisions Stimulus Payments Eligible adults will receive a $600 stimulus payment. This …
Help is on The Way – Emergency Coronavirus Relief Agreement ReachedRead More
Tax Issues to Be Aware of as Year-End Approaches
It seems hard to believe, but the end of the tax year will soon be here and with that, comes tax issues to be aware of. Now is a great time to review year-end tax issues that might reduce your tax bite for 2020. Other options may provide long-term tax benefits, especially in light of …
Year-End Gift Giving with Tax Benefits
The holiday season is customarily a time of giving gifts. Whether to your favorite charity, family members or others – there are lots of opportunities for gift giving with tax benefits. Use caution. During the holiday season, you may receive unsolicited phone calls, emails, or other social media requests for donations for various causes. Sadly, …
Do You Know When Your Holiday Employee Gifts Are Taxable?
It is common practice this time of year for employers to give their employee gifts to staff. The question is then – what makes a gift taxable? Some gifts are a de minimis fringe benefit. There are two main factors that determine the taxable status of a gift: the gift is infrequently offered or that …
Do You Know When Your Holiday Employee Gifts Are Taxable?Read More
Inheritance Taxes Explained – IRS Releases Inflation Adjustments For 2021
Inheritance Taxes – how are they taxed anyway? This is a frequently misunderstood taxation issue, and the answer can be complicated. This article will help you understand more about inheritance taxes, how they work and how they are taxed. When someone passes away, all of their assets (their estate) will be subject to estate taxation. …
Inheritance Taxes Explained – IRS Releases Inflation Adjustments For 2021Read More
Don’t Miss Out on Year-End Tax Planning Opportunities
Year-end tax planning opportunities could be exactly what could help perk up a challenging year. Mentioning that COVID-19 has made 2020 a disastrous year for just about everyone is an understatement. But these tax planning options may give you some relief ahead. In response to the economic slowdown and losses of income, Congress passed several …
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Video: Unable to Keep Up with Your Home Mortgage Payments?
If you are unable to keep up with your home mortgage payments, you are not alone! Many others are receiving temporary home mortgage relief under the CARES Act. Even if you are in danger of having your home repossessed, consider the ramifications of financial relief. Any debt relief can have an impact on your taxes. …
Video: Unable to Keep Up with Your Home Mortgage Payments?Read More
