If you’re buying a home, or you just bought one, you may wonder if you can deduct mortgage points paid on your behalf by the seller. Yes, you can, subject to some important limitations described below. According to the National Association of Realtors (NAR) existing home sales and prices are up nationwide compared to last […]

Recent presidential action allows employers to defer, not forgive, withholding, depositing and payment of certain payroll tax obligations. The IRS has provided guidance in Notice 2020-65 that was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about whether, and how, to implement the optional deferral. […]

Would business go smoother if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can reap the benefits from tax breaks, […]

For most students, the 2020 school year has begun. Despite the COVID-19 pandemic, schools are starting back whether it is students going back to school in-person, remotely, or a hybrid schedule of the two. Parents may be eligible for certain tax breaks to help out with the cost of your children going back. Here is […]

Most business owners are aware of the 100% bonus depreciation tax break that you can receive on certain qualifying property. Here are 5 important facts that business owners need to be aware of about bonus depreciation. 1. Bonus depreciation is scheduled to phase out Under current law, 100% bonus depreciation will be phased out in […]

Today, there are many accounts that companies offer to reimburse employees for medical expenses. Some of these accounts include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Accounts (HSAs). Which health care accounts are the most tax beneficial for your employees? For employees to get the full value out of such […]

Have you wondered if your Social Security benefits are going to be taxed? How much will you have to pay? These are important questions to ask and get answered. It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of […]

Do you have a business? Do you know someone who does? The CARES (Coronavirus Aid, Relief and Economic Security) Act made some changes to excess business losses. What if the losses occurred in the past? Some of these changes apply to previous business losses. There may be a possibility for some businesses to file amended […]

A strong brand is important for your business. And your company will develop a brand one way or another, either through formal brand development or simply through interactions with the public. With today’s competitive atmosphere, it is a good time to examine your brand and determine if you need to make adjustments. Who are you? […]

Hopefully you never find yourself unable to pay your tax bills, but you may still wonder: What if? So what does happen if you or someone you know can’t pay their taxes on time? There are a few options available in this situation. Most importantly, don’t let the inability to pay your tax liability in […]