Mar 20, 2020 | Blog, Community, Corona Virus, Life, Our World, Tax Law, Taxes
(Updated: The filing date has also been extended to July 15) March 18, 2020 The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax...
Mar 19, 2020 | Blog, Individual Taxes, Small Business Taxes, Tax Law, Taxes
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...
Mar 4, 2020 | Blog, Individual Taxes, Life, Our World, Tax Law, Taxes
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint...
Feb 26, 2020 | Blog, Small Business Taxes, Tax Law, Taxes
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics...
Jan 31, 2020 | Blog, Our World, Small Business Taxes, Tax Law, Taxes
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...
Jan 21, 2020 | Blog, Individual Taxes, Non-Profit, Small Business Taxes, Tax Law, Taxes
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20,...
