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Can investors who manage their own portfolios deduct related expenses?

By |2020-09-23T18:49:16+00:00September 23rd, 2020|Latest News|

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 Act, these expenses aren’t deductible through 2025 if they’re considered expenses for the production of income. But they are deductible if they’re considered trade or

IRS announces per diem rates for business travel

By |2020-09-23T18:47:16+00:00September 23rd, 2020|Latest News|

In Notice 2020-71, the IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without

Tax implications of working from home and collecting unemployment

By |2020-09-17T20:34:01+00:00September 17th, 2020|Latest News|

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at

Homebuyers: Can you deduct seller-paid points?

By |2020-09-17T20:31:34+00:00September 17th, 2020|Latest News|

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you’re buying

Weighing the risks vs. rewards of a mezzanine loan

By |2020-09-17T20:29:01+00:00September 17th, 2020|Latest News|

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas. If your company needs

ESOPs offer businesses a variety of potential benefits

By |2020-09-03T13:45:13+00:00September 3rd, 2020|Latest News|

Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an

Back-to-school tax breaks on the books

By |2020-09-01T19:46:46+00:00September 1st, 2020|Latest News|

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education tax

Will You Have to Pay Tax on Your Social Security Benefits?

By |2020-08-27T14:07:15+00:00August 27th, 2020|Latest News|

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your

Helping employees understand their health care accounts

By |2020-08-27T14:05:06+00:00August 27th, 2020|Latest News|

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan). For employees to

What happens if an individual can’t pay taxes

By |2020-08-19T15:22:44+00:00August 19th, 2020|Latest News|

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability to pay your tax liability in full keep you from filing a tax return

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