If you are getting ready to file your 2020 tax return, and your tax bill is higher than you would like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional individual retirement account...
During the COVID-19 pandemic, many people are working from home. If you are self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods...
If you are like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you have not received such a letter — can you still claim a deduction for the gift on your 2020...
Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. Analysts do expect it to improve in 2021, however, as the country comes out of the pandemic. If you are considering buying or selling another business, it is important to understand the...
To gift or not to gift? It is a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a ‘use it or lose it’ proposition....
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That is understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it...
A number of tax-related limits that affect businesses are annually indexed for inflation and many have increased for 2021. Some stayed the same due to low inflation, and the deduction for business meals has doubled for this year after a new law was enacted at...
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they are increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers...
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses for 2021 than you could...
If you have a traditional individual retirement account (IRA) or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you will be penalized. The Coronavirus Aid, Relief, and Economic Security (CARES)...