Heard in the halls goes work from home – heard via Teams

So, normally, this is a blog that I do for April 15th, about those fun, punchy things that happen when everyone is overworked and tired and just get a case of the giggles. This year, we started with that, and then ended with the work from home edition. But we also have a reprieve – …

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Funding capital to grow your business: debt vs equity

Generally, when your business requires outside financing, there are two different sources of funds, debt financing or equity financing. Both methods of financing can have a significant impact on your business and should be considered carefully. Debt Most of us are familiar with debt, whether you have had a credit card, taken out a student …

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Inherited IRAs don’t receive bankruptcy code protection

A unanimous Supreme Court decision in the Clark v. Rameker case has held that inherited IRAs do not qualify for a bankruptcy exemption, i.e., inherited IRAs are not protected from creditors of the beneficiary in bankruptcy. The Court ruled that an inherited IRA does not fall under the Bankruptcy Code §522(b)(3)(C) exemption which states that …

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Business use of home deduction can be simple

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 …

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Six facts on tax refunds and offsets

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 …

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Roth IRA contributions for high-income couples

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 …

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Social security benefits and your taxes

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 …

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Six tips on making estimated tax payments

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 …

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8 facts on filing an amended individual tax return

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 …

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4 things to know when bartering

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 …

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