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Tuesday, 2 June

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Business meal deductions: The current rules amid proposed changes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 1, 2020 / No comments

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment

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Carryover amount for Health FSAs has been increased

Robert Tighe

Posted By: Robert Tighe

Posted May 27, 2020 / No comments

The IRS recently increased the carryover limit for Health Flexible Spending Arrangements (FSAs) to an amount indexed for inflation. The agency also clarified the ability of a health plan to reimburse individual insurance policy premium expenses incurred before the beginning of the plan year for coverage provided during the plan year. Boosted maximum Under IRS

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IRS releases 2021 amounts for Health Savings Accounts

Cynthia Petschke

Posted By: Cynthia Petschke

Posted May 26, 2020 / No comments

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a

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Student loan interest: Can you deduct it on your tax return?

Timothy King

Posted By: Timothy King

Posted May 26, 2020 / No comments

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making

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Did you get an Economic Impact Payment that was less than you expected?

Timothy King

Posted By: Timothy King

Posted May 20, 2020 / No comments

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for

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TKO Presents – CARES Act Webinar on Friday, April 3, 2020 at 12:00 PM CST

Robert Nowak

Posted By: Robert Nowak

Posted April 1, 2020 / No comments

You are invited to a webinar hosted by Tighe, Kress & Orr! This session will be a deep dive into the recent Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. Date: Friday, April 3, 2020 Time: 12:00pm CST On March 27, 2020 President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES)

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

Posted By: Amanda Glasby

Posted February 24, 2020 / No comments

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

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The tax aspects of selling mutual fund shares

Timothy King

Posted By: Timothy King

Posted February 11, 2020 / No comments

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

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Do you want to go into business for yourself?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 10, 2020 / No comments

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction

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

Timothy King

Posted By: Timothy King

Posted February 4, 2020 / No comments

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

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