As we ride out the fury of this COVID-19 pandemic, many of us are finding ourselves working from home these days. Therefore, I thought this would be a good time to do a refresher on what qualifies for a home office deduction.
I think you will agree it’s time. It’s time for Covid-19 to jump ship and quit causing horrific devastation throughout the world. Unfortunately, that is not the case at this time as COVID-19 continues to affect all of us, even as we start the reopening of our State. As we continue to weather the storm and navigate these uncharted waters, I thought it would be good to discuss the various options that could help your businesses maintain cash flow and stay afloat.
The Coronavirus pandemic has led to a significant amount of change in 2020. The way people live, work, interact and just about everything else has been affected. In the news and press conferences there have been several references to extending the tax deadline and you may be wondering what that means for you or your business. The information below will break down the changes to tax filing due dates for individuals, businesses and other entities. However, there are several other considerations and implications that these due date changes bring that you should be aware of.
In 1859, Charles Dickins wrote “It was the best of times. It was the worst of times”. Could he have possibly been talking about the year 2020? How could our world change so quickly – from a booming, thriving economy with a record high stock market and low unemployment rate, to a weakened state of job loss and business closures. And as bad as this is, it pales in comparison to the severe health issues and loss of life we are experiencing caused by the horrific Coronavirus.
On December 20, 2019, President Trump signed into law the “Setting Every Community Up for Retirement Enhancement” Act or “SECURE” Act for short. This law includes several provisions related to retirement and college savings plans to make it easier and less costly for employers to set up and more accessible for employees to save for retirement. There are also items that help older individuals stretch their savings, so they have less chance of outliving their assets.
In working with many small and medium-sized business, I’ve found that people generally don’t like to talk about fraud. Some people are afraid their business will be susceptible to fraud and, therefore, they are paranoid to talk about it.
Filing and filling out tax forms can be overwhelming and confusing at times especially at year-end with all of the other deadlines and all we really want is to enjoy the holiday cheer! Today, we provided a few best practices that can be applied now to help when filing 1099-Miscellaneous forms and the 2019 Forms W-2.
Halloween is over and the first snow has fallen already…and it’s way too early, in my opinion! But what it is not too early for is yearend tax planning discussion. Here are the top five reasons I would recommend an early planning discussion with my clients. Read More
The Tax Cuts and Jobs Act (TCJA) made several changes to deductions for meal and entertainment expenses. I went through these changes in my blog of January 2018, explaining that many of the expenses that were either 100% or 50% deductible were changed to being only 50% or not deductible at all. The biggest change was that entertainment expenses would no longer be deductible at all.
Starting school can not only costly for students, but many teachers and aide also incur extra costs as they purchase extra supplies for the classroom. There is a special tax deduction for educators that allows a teacher, counselor, principal, or aide to deduct up to $250 of these expenses.
It’s that time again when the kids head off to school. I hear parents everywhere discussing the cost of college including tuition, books, room and board, not to mention transportation, clothing and entertainment. As these costs continue to escalate, it is more important than ever to plan for these expenses. One way that I know that can help is by setting up a college savings plan called a “529 plan” or qualified tuition program. The one that I am most familiar with is the Iowa College Savings Program that is especially beneficial to Iowa residents. Read More
If you took a trip already this summer, you are possibly wondering if any of the trip could be a business trip and therefore be deductible on our tax return. Now is a good time to review some of the travel rules and what can be deductible as a business expense.