Facebook Linkedin Twitter

Federal Income Tax

Do you run your business from home? You might be eligible for home office deductions

Business Deductions, Business Equipment, Business Expenses, Business Income Tax, Business Mileage, Business Plan, Deductions, Federal Income Tax, Home Office Deduction, Income Tax, Small Business /

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture […]

Do you run your business from home? You might be eligible for home office deductions Read More »

Reasons why married couples might want to file separate tax returns

2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service (IRS) /

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable

Reasons why married couples might want to file separate tax returns Read More »

The tax aspects of selling mutual fund shares

Capital Gains, Federal Income Tax, Income Tax, Investment Income Tax (NIIT), Mutual Funds, Tax Planning /

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics. If you sell appreciated

The tax aspects of selling mutual fund shares Read More »

There still might be time to cut your tax bill with IRAs

2019 Tax Return, AGI (Adjustable Gross Income), Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Retirement, Roth IRA, Simplified Employee Pension (SEP) /

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the

There still might be time to cut your tax bill with IRAs Read More »

New law provides a variety of tax breaks to businesses and employers

2019 Tax Return, 401K, Business Income Tax, Federal Income Tax, Federal Taxes, Health Care, Income Tax, Small Business, Tax Cuts and Job Acts (TCJA), Tax Planning /

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension

New law provides a variety of tax breaks to businesses and employers Read More »

Small Businesses: It may not be not too late to cut your 2019 taxes

Assets, Business Deductions, Business Equipment, Business Income Tax, Deductions, Equipment, Federal Income Tax, Federal Tax Deductions, Simplified Employee Pension (SEP), Small Business, Tax Planning /

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including 1. Buying assets. Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in

Small Businesses: It may not be not too late to cut your 2019 taxes Read More »

Medical expenses: What it takes to qualify for a tax deduction

AGI (Adjustable Gross Income), Deductions, Disabilities, Federal Income Tax, Flexable Spending Accounts, Health Care, Health Care Insurance, Income Tax, Individual Income Tax, Insurance, Itemized Deduction, Medical Deductions, Nursing Home Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings /

As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

Medical expenses: What it takes to qualify for a tax deduction Read More »

How to treat your business website costs for tax purposes

Depreciation, Depreciation Deduction (Section 179), Federal Income Tax, Small Business, Tax Deduction, Website Development Tax Deductions /

These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy. That’s because the IRS hasn’t released any official guidance on these costs yet. Consequently, you must apply

How to treat your business website costs for tax purposes Read More »

The next estimated tax deadline is September 16: Do you have to make a payment?

Annualized Income Method, Deductions, Electronic Federal Tax Payment System, Federal Income Tax, Partnerships, Qualified Business Income Deducton (QBI), S Corporation, Self Employment Tax, Shareholder, Sole Proprietors, Tax Deadlines /

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive,

The next estimated tax deadline is September 16: Do you have to make a payment? Read More »

Taking distributions from your traditional IRA

Federal Income Tax, Income Tax, Individual Income Tax, Internal Revenue Service, IRA, Required Minimum Distributions (RMDs), Retirement, Roth IRA, Simplified Employee Pension (SEP), Tax, Tax Planning, Tax Savings /

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family

Taking distributions from your traditional IRA Read More »