Newsletter

Newsfeed

Deductions for Food or Beverages from Restaurants

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided and the...

Recovery Rebate Credits May be Different than Expected

Some taxpayers who claim the 2020 Recovery Rebate Credit (RRC) on their 2020 tax returns are discovering that they may be getting a different amount than they expected. Let's take a closer look at why this is happening. The first and second Economic Impact Payments...

Refunds for Nontaxable Unemployment Compensation

The IRS is automatically refunding money to eligible people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. Background Typically, when an individual receives unemployment compensation it is...

Common Errors to Avoid When Filing a Tax Return

While not all mistakes on tax returns cause delays in refunds, some do. As the May 17, deadline approaches, it pays to steer clear of the 10 tax return errors listed below. 1. Not using electronic filing. While this isn’t necessarily a mistake per se, filing...

File on Time – Even if You Can’t Pay

Generally, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due, but if you can't there are several options. Let's take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can't pay in full by the...

Deducting Business-Related Car Expenses

If you're self-employed and use your car for business, you can deduct certain business-related car expenses. There are two options for claiming deductions: Actual Expenses. To use the actual expense method, you need to figure out the actual costs of operating the car...

Avoiding Tax Surprises When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement country destinations are created...

Saving for Education: Understanding 529 Plans

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's...

Tax Withholding for Seasonal and Part-time Employees

Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of...

Tax Return Tips for Last-Minute Filers

Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you've been...

We’re here to help.

Whether you have a question, want to connect with one of our professionals, or you’re ready to get started, we’re here for you. Send us a message to get started!
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team!

You have Successfully Subscribed!