COVID-19

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...

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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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28 Jan

New PPP Loans for Businesses

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on for the details. But first, you should...

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04 Nov

Taxpayer Relief Initiatives

The Internal Revenue Service recently announced changes to its collection activities to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts. Provided in the IRS's "A Closer Look": Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief...

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