Blogging Beyond the Numbers

More and more people are working from home, especially during the COVID-19 pandemic.  If you spend time working at home, you may wonder whether you can deduct expenses related to your home office space. Unfortunately, if you are an employee of a company, the Tax Cuts and Jobs Act suspended the business use of home office deductions from 2018 through 2025 for employees. Those who receive a paycheck ...

Although we still do not see as many electric vehicles (EVs) as cars on the road today, they are increasing in popularity all the time. And what many people do not know, if you buy one, you may be eligible for a federal tax break in the year you place the EV in service. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles and light...

https://youtu.be/lLI0GUfJV7E Planning for a virtual tax season may seem stressful, but it doesn't have to be, and in fact you might actually find it more efficient than lugging that old shoe box full of receipts to our office!  Watch the video, or continue reading for tips on our virtual tax season procedures and to learn how your tax return process will run smoothly...

The IRS announced that the opening of the 2020 individual income tax return filing season will be Friday, February 12. This is the date that 2020 returns can be e-filed with the IRS. This is later than in prior years because of a tax law change that was signed into law at the end of 2020.  The tax law significantly changed some of the tax forms and required some re-programming of IRS software. Ev...

Getting a college education is expensive. It is also a great investment in your future as well as the future of your child or grandchild. There are some tax benefits that will assist in the cost of a college education. The new stimulus bill passed on December 27, 2020 called the Consolidated Appropriations Act (“CAA”) made some changes to college tax benefits. First, let us discuss some tax c...

The best choice of entity can affect your business in several ways, including the amount of tax you will pay. In some cases, businesses decide to switch from one entity type to another. S corporations can generally provide substantial tax benefits over C corporations (because of single level tax versus double tax); in some circumstances there are potentially costly tax issues that may be triggered before m...

On December 27, 2021 President Trump signed the long-awaited $900 billion stimulus package and government spending bill.  Included in the bill is a second round of advance rebates for individuals.  Eligible individuals will automatically receive up to $600 ($1,200 for married filing jointly) and up to $600 per qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for indiv...

The Internal Revenue Service has released the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable and medical purposes. [table id=12 /] The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the...

On December 22, Congress passed the Consolidated Appropriations Act, 2021 (the “Act”).  The Act serves as a vehicle to provide pandemic relief as well as to fund government operations through the fiscal year.   The Act is best categorized as three bills in one huge package: Stimulus Relief (i.e., another rebate, PPP Round 2 and unemployment insurance)Tax Extenders andSpending Appro...

A year-end estate & gift tax self-check is prudent for everyone, even if you're not currently exposed to the federal estate tax. People with taxable estates below the current unified federal estate and gift tax exemption level may need to make changes to reflect the current tax regime. Plus, you should also consider whether changes are needed for nontax reasons. Families and individuals with estat...