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Bellingham Tax
Not your average tax and accounting firm.
No one wants to create tax return red flags that would make the IRS scrutinize their small business or personal income tax return. However tax time can be one of the most stressful times of the year due to that fear. Just preparing the forms is hard enough. But actually owing the government money can …
As if filing taxes wasn’t challenging enough, this 2020 tax season is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free lunch” is proving true once again. Now that …
President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, they could be extended or made permanent later on. …
Congress approved a second round of PPP loans in 2021 called the Consolidated Appropriations Act. Included in its almost 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees. It also had allowances for loans to certain businesses with multiple …
We now have a charitable contributions deduction in 2021! As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020. One that allows taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300. And another for those itemizing their deductions to increase …
We’re extremely dog-friendly here at Nissen & Associates, and our friendly office greeters would like to prove it. Our furry friends often keep us company while we work, so you may encounter one of our three resident “office greeters’ on your next visit. If you prefer not to be greeted at the door by one …
With increased business meal deductions for 2021 and 2022, the business lunch is back! If you recall, the Tax Cuts and Jobs Act (TCJA) eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it retained a deduction for business meals when the expense is ordinary and not extravagant. Especially when a business meal …
Recently, the IRS announced the standard mileage rates for 2021 which outlines the use of a vehicle for business, medical and moving purposes. This baseline is based on a number of factors in order to determine the standard mileage rates for the following year. Recently, the IRS announced the 2021 optional standard mileage rates. Thus, …
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 …
