Making Long-Term Decisions About Working From Home

It can be a tough scenario to confront: First you sent your employees home to work remotely due to the COVID-19 pandemic. Now they want to stay there permanently. Should you allow employees to work from home more than they have in the past? Or do you think “This just isn’t working” for one or…

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Federal Tax News

1. The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject to withholding, these workers may need to make estimated tax payments for the first…

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Following Up on Coronavirus-Related Distributions from IRAs

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If you were adversely affected by the COVID-19 pandemic, you may have taken a tax-favored coronavirus-related distribution (CVD) from a traditional IRA last year. This privilege was allowed under the CARES Act, which was signed into law on March 27, 2020. What steps can you take now to achieve the optimal federal income tax results? CVD…

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Deadline Coming: Follow Up on Your PPP Loans

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the requisite…

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What Your Donors Need to Know About Taxes and Contributions

Photo of cash with a paper cut out on top that reads "Charitable Giving"

The heightened fundraising needs many nonprofits are feeling right now make it important that potential donors understand the tax benefits they stand to reap. Here are some of the advantages you should convey to encourage their support. QCD benefits Qualified charitable distributions (QCDs) — also known as IRA charitable rollovers — have become more popular…

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Tax-Favored Ways to Build Up a College Fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible…

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Retiring Soon? 4 Tax Issues You May Face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire. Taking required minimum distributions.  This is the minimum amount you must withdraw from your retirement accounts.…

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Did you know that there are three types of Social Security cards?

All of them show a name and Social Security number (SSN) but some list work restrictions on the card. The Social Security Administration (SSA) issues one card for U.S. citizens and permanent residents; another that says “Not valid for employment;” and a third that says “Valid for work only with DHS authorization.” On a webpage,…

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Handling Start-Up Expenses

Starting a business? How should you handle start-up expenses? Taxpayers can generally deduct the ordinary and necessary costs of operating a business. But tax law requires that most costs to get a business started must generally be amortized over time. In one case, a patent attorney/ inventor and his wife were denied a deduction for the…

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The Gig Economy Taxes

Gig workers can deal with some complex tax issues, as one U.S. Tax Court case illustrates. In the case, a taxpayer maintained an account in his name with a ride sharing company. He provided rides to customers and recruited others to use his account to do the same. They rented his vehicles, which he purchased using…

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