News

It’s that time of year again: time to spend your unused dollars if you have an FSA.

There are substantial tax breaks when you buy a heavy SUV for business. Here are the details if you’re purchasing new wheels before year end.

Medical and dental costs are expensive and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction and how you might be able to benefit by moving certain expenses into 2020.

Do you operate your business as an S corporation? Be aware that several elections are available to an S corp. or its shareholders that can affect the basis adjustments caused by distributions and other events.

Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.

Before Dec. 31, your business should buy any needed business assets and place them in service. That way, you can take advantage of the Section 179 deduction and bonus depreciation.

Please be aware of these items that have been implemented for the 2020 tax year. We would be happy to review these and any other tax questions or concerns with you - let us know!

If you’re fortunate to have cashed in some investment gains in 2020, you may be looking for unrealized losses in your portfolio to offset your gains. Selling losing stock may reduce your 2020 tax liability. But be aware of the “wash sale” rule.

Do you own Series EE bonds? Take a look at the issue dates. If the bonds are no longer earning interest, you probably want to redeem them. Here’s more about how the interest on the bonds is taxed.

Are you the owner of a closely held corporation and want to take cash out? For tax purposes, you probably want to avoid a dividend distribution. Here are some alternatives.

Health Savings Accounts offer a way to set aside money on a pre-tax basis to pay for qualified medical expenses. Here’s a review at what an HSA could mean for your business, as well as the relevant inflation-adjusted amounts for 2020 and 2021.

How to find local Black-owned businesses to support?

How does shopping locally really affect your community?

There are a number of tax obligations that must be met when a business closes its doors. Sadly, because of COVID-19, many businesses are facing this reality. Here are the basic requirements.

If you become disabled and are fortunate enough to receive disability income, you may have to pay federal tax on it. Here are the basic rules.

As we prepare to move forward, we would like to take a moment to carefully consider the impact of the PPP Loans that many companies acquired during 2020. There are two main items that should be addressed thoughtfully: the forgiveness process and tax planning.

Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your nest egg.

Getting a divorce can be distressing. You don’t want to make matters worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the midst of getting a divorce.

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.

Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid.

Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.

Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.

With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.