To combat the economic crisis caused by the coronavirus pandemic, the IRS and Treasury Department have sent out two rounds of stimulus checks to support millions of Americans. However, not everyone receiving a stimulus check needs it. While many people deposit their check into their savings account or indulge in a shopping spree or night out, others may choose to donate theirs to those in nee...
With more and more people working from home during the COVID-19 pandemic, workers have invested in office supplies, home office furniture, and in some cases, new technology in order to create a proper remote work setting. These expenses have many taxpayers wondering if they're eligible for the home office deduction on their 2020 tax return. The short answer is yes — but only if you also use t...
When you're in your 20s and are brand new to the workforce, planning for retirement may not be on your mind. Instead of thinking about your future golden years, you’re more likely focusing on your new career and any student loan debt you may have to pay off. However, it's important to start saving for retirement as early as possible so you can take advantage of compound interest and grow your...
If you have a traditional IRA, SEP, or SIMPLE individual retirement account, you are required to start withdrawing a minimum amount each year from that fund when you reach a certain age. This mandatory, taxable withdrawal is called a required minimum distribution (RMD), and its purpose is to ensure that account holders actually use their retirement savings and don’t use their IRAs to accumulate ...
As a freelancer, independent contractor, or self-employed business owner, it’s important to plan ahead for your taxes. Federal and state taxes are not automatically deducted from your paycheck when you’re a contractor, and for those who are new to self-employment, it can be a big shock to learn they owe the IRS a lot of money when they file their annual return. Understanding what you might ow...
Many sources discuss the importance of having good accounting for small businesses, but what about large businesses? The bigger your business gets, the more complicated your finances become. Large businesses have higher earnings, more vendors and clients, and in many cases, more employees with larger salaries and benefits packages compared to a small startup. They may also qualify for more tax ...
It's no secret that the employment situation in America is dire right now. As of July 2020, the Bureau of Labor Statistics estimates that 16.3 million people are currently unemployed – nearly 10% of the adult population – and since the start of the pandemic, roughly 1 million (or more) of them have filed new claims for state unemployment benefits each week. This means there's a large gr...
If you're fortunate enough to own properties in multiple states, you might be among a group of taxpayers known as part-year residents. Most commonly, these individuals will live in the northern part of the country during the summers, then spend their winters in the south to maximize their opportunity to enjoy the sunshine and warm weather. While this may be an ideal lifestyle choice for some, h...
Diversity in the business world is more important than ever right now. If your company is at least 51% owned by a woman and/or person of color, you can become a certified minority-owned business. This status can open up some tax incentives and business opportunities that may not be available to you otherwise. What is a certified minority-owned business? According to the National Minority Sup...
Getting tax deductions for commercial real estate developers can be somewhat of a quagmire if you don’t have a great tax accountant. Find one who knows the best strategies to ensure you’re taking aggressive tax deductions when they’re due. Ideally, you want to keep your cash flowing from year to year, without having to wait on an accelerated tax deduction when your property depreciates. ...
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