Business meal deductions: The current rules amid proposed changes


President Trump has proposed increasing the amount that can be deducted for business meal and entertainment expenses. While it’s unclear if a law could pass that would enhance tax breaks, it’s a good time to review the current rules.

Tags: tax

IRS releases 2021 amounts for Health Savings Accounts


There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year. 

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


Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.

Tags: tax

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible


If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.

Tags: tax

There’s still time to make a deductible IRA contribution for 2019


Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.

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Business charitable contribution rules have changed under the CARES Act


Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.

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Do you have tax questions related to COVID-19? Here are some answers


If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers.

Tags: tax

The CARES Act liberalizes net operating losses


The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.

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IRA account value down? It might be a good time for a Roth conversion


Consider turning a stock market downturn into a tax-saving opportunity by converting a traditional IRA into a Roth IRA.

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Hiring independent contractors? Make sure they’re properly classified


During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.

Tags: tax