INDIVIDUAL TAXPAYERS, REMEMBER THE RESCUE!

By | June 1st, 2021|Business, Taxation, Uncategorized|

When you think back on this spring, you may fondly recall a substantial deposit made to your bank account by the federal government (if you were eligible). Economic Impact Payments were a focal point of the American Rescue Plan Act (ARPA), but it contains many other provisions also worth remembering.  Here are four highlights: The [...]

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THE TAX TREATMENT OF START-UP EXPENSES

By | May 17th, 2021|Accounting and Auditing, Business, Taxation, Uncategorized|

With the economy expected to improve in the months or quarters ahead, many business owners and entrepreneurs may decide to launch new enterprises.  If you’re among them, be aware that the way you handle some of your initial expenses can make a large difference in your tax bill. GENERAL RULES Start-up costs include those incurred [...]

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3 THINGS TO KNOW AFTER FILING YOUR TAX RETURN

By | May 10th, 2021|Accounting and Auditing, Taxation|

Most people feel a sense of relief after filing their tax returns.  But even if you’ve successfully filed your 2020 return with the IRS, there may still be some issues to bear in mind.  Here are three important things to know: You can check on your refund.  The IRS has an online tool that can [...]

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BOLSTER WEALTH MANAGEMENT WITH TRUSTS

By | May 3rd, 2021|Accounting and Auditing, Estate planning, Retirement, Taxation|

Trusts can be a useful tool for affluent individuals and families when it comes to wealth management, protection and growth.  But there are a wide variety to choose from, so it’s important to clearly understand the benefits and limits of a trust before choosing any one type. WHAT’S A TRUST? A trust is a legal [...]

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CLAIMING THE HOME OFFICE DEDUCTION

By | February 8th, 2021|Accounting and Auditing, Business, Taxation, Uncategorized|

Many people have found themselves working from home during the COVID-19 pandemic.  If you’re one of them, you might wonder, “Can I claim the home office deduction on my 2020 tax return?” The short answer is: Only if you’re self-employed.  Employees can no longer claim home office expenses, and even self-employed taxpayers must follow strict [...]

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WHY THE CHILD TAX CREDIT IS SO VALUABLE

By | February 1st, 2021|Estate planning, Taxation, Uncategorized|

If you’re a parent, or soon will be, you’re no doubt aware of how expensive it is to pay for food, clothes, activities and education.  Fortunately, the federal child tax credit is available to help many taxpayers with children under the age of 17, and there’s a dependent credit for those who are eligible with [...]

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