The 2021 “Social Security wage base” is increasing


Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.

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What tax records can you throw away?


Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.

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Understanding the passive activity loss rules


The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.

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There may be relief from tax liability for “innocent spouses”


In some cases, a married couple files a joint tax return and one spouse doesn’t disclose all of his or her income. The IRS goes after the other spouse for payment. But there may be “innocent spouse” relief.

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The easiest way to survive an IRS audit is to get ready in advance


Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.

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Why it’s important to plan for income taxes as part of your estate plan


With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.

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The tax rules for deducting the computer software costs of your business


The tax rules for treating computer software costs can be complex. Here’s a basic explanation.

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Can investors who manage their own portfolios deduct related expenses?


Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses.

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Business website costs: How to handle them for tax purposes


Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Here are the general rules.

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Tax implications of working from home and collecting unemployment


Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.

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