Search our site

Last-Minute Tips for your 2020 Tax Return

Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020. (Remember, you can extend the deadline for filing your return until October 15, but you can’t extend the deadline for paying what you owe without penalty.) Unfortunately, many people are struggling to make ends

Posted in Tax

New Appropriations Act includes Disaster Tax Relief

You’ve probably heard about the massive new Consolidated Appropriations Act (CAA), which provides direct payments to eligible individuals and contains other provisions to help mitigate the effects of COVID-19. But it also provides several tax-relief measures related to qualified disasters.

Posted in Tax

Ways to Fully Deduct Business-Related Meals

Restaurants have struggled mightily during the COVID-19 pandemic. Thankfully, they’re specifically targeted for a new tax relief measure found in the massive Consolidated Appropriations Act (CAA), which became law on December 27, 2020. The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs.

Posted in Tax

Small Businesses: Are 1st Year Depreciation Write-offs Right for You?

Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or

Posted in Tax

Avoiding the 10% Penalty on Early IRA Withdrawals

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular

Posted in Tax