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News

  • IMPORTANT TAX CHANGES FOR INDIVIDUALS AND BUSINESSES

    Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings...
  • INDIVIDUAL TAXPAYERS: RECAP FOR 2020

    As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020. Personal Ex...
  • New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

    Effect on YouYou continue to come out ahead if you can’t deduct some or all of the expenses you paid with the PPP money.Remember, you don’t pay tax...
  • TAX PREPARATION VS. TAX PLANNING

    Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look: WHAT IS TAX PREPARATION?...
  • Handling business losses. CARES Act eases the rules

    Handling business losses. CARES Act eases the rules
  • Handling Business Losses

    In 2017, the Tax Cuts and Jobs Act (TCJA) provided that net tax losses from businesses in excess of an inflation-adjusted $500,000 for joint filer...
  • The Importance of Keeping a Mileage Log

    Suppose you just received a letter from the IRS telling you that you are the subject of an IRS audit. What one record receives special attention? What one record can create a nightmare for you? 
  • Potential COVID-19 Penalty Relief

    The IRS understands the challenges faced by taxpayers due to the pandemic and may be flexible in granting penalty relief where taxpayers can demons...
  • Using Whole or Partial Rooms for Your Home Office

    With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for yo...
  • The Latest on Payroll Tax Deferral

    If you have employees, you must withhold their 6.2 percent share of the Social Security tax from their wages up to an annual wage ceiling ($137,700 for 2020). You must pay the money to the IRS along with your matching 6.2 percent employer share of the tax.