Studies show that November and December are the most popular months for charitable giving. Here are some ways to maximize your deduction if you itemizeRead More
Archive for the ‘Tax’ Category
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7 Expiring Tax Breaks for Individuals
Here are some expiring tax breaks you might want to cash in on before year end. Proper planning can help substantially lower your 2020 federal tax bill.Read More
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Offer FSAs to Employees? You May Need to Act Before Year End
If you offer employees FSAs, it’s important to keep abreast of the latest changes, including those made by the CARES Act.Read More
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Take Aim at Tax Credit for Hiring Target Workers: WOTC
If your business is actively recruiting, consider certain “target” groups that could qualify for the Work Opportunity Tax Credit (WOTC)Read More
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IRS Publishes New Business Travel Per Diem Rates for 2021
Here’s a review of the simplified alternative method for reimbursing employees’ out-of-town travel expenses based on per diem ratesRead More
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Are First-Year Depreciation Write-Offs Right for Your Business?
Here’s what you should know before claiming first-year depreciation write-offs for eligible assets that are placed in service in the current tax year.Read More
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Home Office Deductions Amid the COVID-19 Pandemic
Millions of Americans are now working from home, and many are asking whether unreimbursed home office expenses are tax deductible.Read More
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Tax Implications When Lenders Cancel Debts
Here’s what borrowers need to know about the tax implications of so-called “cancellation of debt” (COD) income.Read More
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Avoid Personal Liability for Unpaid Federal Payroll Taxes
Though cash may be tight, employers should avoid the temptation to skimp on federal taxes that have been withheld from employees’ paychecks.Read More
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Election 2020: Where Do the Candidates Stand on Business Tax Issues?
Business taxes are a major issue in this year’s presidential election. Here’s a summary of how the 2020 tax platforms measure up on business-related issuesRead More