COVID-19

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14 Jan

This will be a frustrating tax season!

The Treasury Department had a big press conference the other day warning of a “frustrating” tax season would be on the way this year. At the end of last year’s filing deadline, the IRS had over 35 million unprocessed returns. That means about one in six taxpayer’s filed returns, had yet to entered into their system....

1040
02 Nov

Stimulus “Math Error” IRS Notice

Now that the October 15th extension filing deadline has passed, many taxpayers are receiving notices stating they owe more taxes or they aren't receiving the refund they thought they were.  What did my Accountant do wrong?! Likely nothing, the adjustments are for many reasons the IRS computer program finds when it processes your return. For...

12 Aug

Restaurant Meals a 100% Business Deduction

The Consolidated Appropriations Act, 2021 increased the business-meal deduction for the cost of food and beverages provided by a restaurant to 100 percent for 2021 and 2022. But not for every meal! IRS Notice from April 8 Notice 2021-25 provides guidance on the higher meal limit. What are the Requirements? For meals purchased Jan. 1, 2021 through...

25 Feb

Student Loan Interest Deduction in 2020

If you have student loans and regularly pay, you are familiar with the Student Loan Interest Deduction. You usually get to subtract up to $2,500 a year in interest payments on federal student loans, reducing your tax liability. Being an "above the line" deduction, meaning you don't need to itemize to qualify, is a welcome...

Man sitting frustrated at computer
11 Feb

Stay Motivated When Working Remotely

In the time of COVID, many 'white collar' workers have transitioned to work from home.  Staring at the same four walls day in and day out replaces the COVID health concerns with mental and other physical health concerns. Besides adding a few inches to your waistline this past year, have you also felt foggy, anxious...

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