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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BUSINESSES SHOULD REVIEW SALES TAX LAWS

By | December 28th, 2020|Accounting and Auditing, Business, Taxation|

It’s been more than two years since the U.S. Supreme Court ruled in South Dakota v. Wayfair that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state.  Since that time, most states that have a sales tax have enacted “economic nexus” laws that [...]

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HANDLE MUTUAL FUNDS CAREFULLY AT YEAR END

By | December 21st, 2020|Accounting and Auditing, Business, Taxation, Uncategorized|

As we approach the end of 2020, now is a good time to review any mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps.  Here are some tips. AVOID SURPRISES Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares.  Near [...]

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INTRAFAMILY LOANS AND A FAMILY BANK

By | December 14th, 2020|Accounting and Auditing, Estate planning, Retirement, Taxation|

Among the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death.  But what if you want to use that wealth to help a family member in need while you’re still alive?  This has become an increasingly common and pressing issue this year [...]

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WHAT’S YOUR TAXPAYER FILING STATUS?

By | December 7th, 2020|Accounting and Auditing, Taxation, Uncategorized|

For many, December 31 means a New Year’s Eve celebration.  From a tax perspective, however, it should mean thinking about the filing status you’ll use when filing your tax return for the year.  The one you use depends partly on whether you’re married on that date. THE FIVE STATUSES When you file your federal tax [...]

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