Update 8/20/20: We felt it important to re-share this article from a month ago because the IRS published a news release confirming the importance of including unemployment compensation in your federal income tax return. If you received unemployment compensation due to COVID during 2020, call us and get ahead of next year's filing! You likely are...
The 2020 tax deadline extension afforded scammers more opportunity to target innocent taxpayers. The IRS compiles a list every year, but this year it includes evolving schemes related to coronavirus tax relief. The criminals view everyone as easy prey, especially vulnerable populations such as the elderly. You should refrain from engaging scammers online or on...
During the fall of 2020, many school districts are applying a hybrid and/or remote learning model due to COVID. However, educators can still deduct certain un-reimbursable expenses, such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return. To qualify for the deduction, you must...
The IRS issued final regulations (PDF) from the Tax Cuts and Jobs Act limiting the deduction for business interest expense. For tax years beginning after December 31, 2017, business interest expense deductions are limited to the sum of: the taxpayer's business interest income; 30 percent (or 50 percent, as applicable) of the taxpayer's adjusted taxable income;...
COVID-19 led to a lot of financial changes. In the midst of layoffs, the Paycheck Protection Program was established to give small business owners a way of keeping up with payroll and expenses. Additionally, stimulus checks have gone out to qualifying individuals across the country. However, there hasn't been much talk about S-Corp tax relief. If...
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