Since 2013, there have been two ways to calculate the deduction for the business use of the home, also called the home office deduction. The first way is using actual expenses. You calculate the percentage of space in the home that is exclusively used for business purposes. Expenses like insurance, utilities, mortgage interest, and real …
So, you have filed your income tax return. And you are expecting a big refund. But instead of that amount you were expecting, a lesser amount was direct deposited into your account, or arrived in the mail. Certain financial debts from your past may affect your current federal tax refund. The law allows the use …
A while back, there was an article from the Wall Street Journal that discussed a way for high-income couples to make Roth IRA contributions. A physician and his wife were maxing out their 401(k) accounts and 457 savings plans, but were ineligible for deductible contributions to a traditional IRA or contributions to a Roth IRA …
Were you surprised when you finished your tax return and discovered that part of your social security benefits were taxed on your return? Some people must pay taxes on their Social Security benefits. If you get Social Security, you should receive a Form SSA-1099, Social Security Benefit Statement, by early February. The form shows the …
Some taxpayers may need to make estimated tax payments during the year. Here are some tips on what to consider when deciding if you should. If you do not have taxes withheld from your income, you may need to make estimated tax payments. This may apply if you have income such as self-employment, interest, dividends …
What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry; you have a chance to fix errors by filing an amended tax return. Here are 8 facts you should know about filing an amended tax return: Use Form 1040X, Amended U.S. Individual Income Tax Return, to …
Small businesses sometimes barter to get products or services they need. Bartering is the trading of one product or service for another. Usually there is no exchange of cash. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. The IRS reminds all taxpayers that the fair …
According to The Project on Student Debt, the average student debt at graduation in 2018 ranged from $19,750 in Utah to $38,650 in Connecticut, and new graduates’ likelihood of having debt ranged from 36% in Utah to 76% in New Hampshire. While the job market is bright, this much debt makes it very difficult for …
Although taxes are probably the last thing on your mind after losing or quitting a job, tax aspects of your changed personal and professional circumstances can be significant. Depending on your situation, the tax aspects can be complex and require you to make decisions that can affect your tax picture this year and for years …
Last week was a busy week for the Paycheck Protection Program. New applications and guidance were released, the Small Business Administration and the U.S. Treasury Department suddenly reversed direction on disclosing information about companies that received loans through the program, and a key program deadline is fast approaching. Easy as 3508EZ Filing for Paycheck Protection …
Do you qualify for the Employee Retention Credit? How about a Paycheck Protection Loan? Looking for all COVID tax related information? We have you covered! Download the e-Book now.
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