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Friday, 3 July

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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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Answers to your questions about 2020 individual tax limits

Timothy King

Posted By: Timothy King

Posted January 28, 2020 / No comments

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020.

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Cents-per-mile rate for business miles decreases slightly for 2020

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 21, 2020 / No comments

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the

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Can you deduct charitable gifts on your tax return?

Timothy King

Posted By: Timothy King

Posted January 21, 2020 / No comments

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are

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Help protect your personal information by filing your 2019 tax return early

Timothy King

Posted By: Timothy King

Posted January 14, 2020 / No comments

The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax

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New rules will soon require employers to annually disclose retirement income to employees

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 13, 2020 / No comments

As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the

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4 new law changes that may affect your retirement plan

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 8, 2020 / No comments

If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions

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