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Tax Depreciation: Rules for Business Automobiles

Posted on September 21st, 2021
Tax Depreciation: Rules for Business Automobiles

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.   Cents-per-mile… Read More »


Selling a Home: Will You Owe Tax on the Profit?

Posted on September 14th, 2021
Selling a Home: Will You Owe Tax on the Profit?

Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the Northeast, $275,300 in the Midwest, $305,200 in the South and $508,300 in… Read More »


Claiming Casualty Loss Tax Deductions

Posted on September 1st, 2021
Claiming Casualty Loss Tax Deductions

In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there… Read More »


Getting a Divorce? Be Aware of Tax Implications if You Own a Business

Posted on August 24th, 2021
Getting a Divorce? Be Aware of Tax Implications if You Own a Business

If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of it.   Tax-free property transfers You can generally divide most assets, including cash and business ownership… Read More »


Scholarships are Usually Tax Free but They May Result in Taxable Income

Posted on August 10th, 2021
Scholarships are Usually Tax Free but They May Result in Taxable Income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct… Read More »


5 Possible Tax Aspects of a Parent Moving Into a Nursing Home

Posted on August 3rd, 2021
5 Possible Tax Aspects of a Parent Moving Into a Nursing Home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five.   1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other… Read More »


The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Posted on July 27th, 2021
The Deductibility of Corporate Expenses Covered by Officers or Shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.   Deductible vs.… Read More »


Eligible Businesses: Claim the Employee Retention Tax Credit

Posted on June 29th, 2021
Eligible Businesses: Claim the Employee Retention Tax Credit

Eligible businesses: Claim the Employee Retention Tax Credit The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules.   Background Back in March of 2020, Congress originally enacted the ERTC in… Read More »


Seniors May be Able to Write Off Medicare Premiums on their Tax Returns

Posted on June 22nd, 2021
Seniors May be Able to Write Off Medicare Premiums on their Tax Returns

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may qualify for… Read More »


Retiring Soon? 4 Tax Issues You May Face

Posted on June 8th, 2021
Retiring Soon? 4 Tax Issues You May Face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire:   Taking required minimum distributions.  This is the minimum amount you must withdraw from your retirement… Read More »


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