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.
Category: Accounting
Ready to Send Out an “SOS”: These Federal Programs May Help Keep Your Business Afloat
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.
When is my tax return due? Updated Due Dates for Tax Related Returns and Payments!
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.
The Payroll Protection Program Can Help Your Business In “The Worst of Times”
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.
Better Late Than Never
Oops, I didn’t do any tax planning and 2019 is gone! Before you give up entirely, here are a few ideas that you can still do that might help your 2019 tax situation!
Are You More SECURE with The New Tax Law?
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.
Fraud. It Can Be Such a Scary Word.
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.
Best Practices for Filing 2019 W-2 & 1099-Misc Forms
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.
Top Five Reasons for Tax Planning! NOW!
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
Refresher Course on Deductibility & Accounting Related to Meals & Entertainment Deductions
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.
School is Starting! Educators, Keep Track of Your Expenses for Tax Deductions!
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.
College bound, but hopefully not debt bound!!
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
Traveling for Business: What Rules Do I Need to Follow?
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.
Should you hire your kids this summer?
Summer is here and school is out! Woo-hoo, free labor—your kids working for you, what could be better? Well, possibly hiring your children in your business would be an even better answer.