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    Recent Posts

    Valuable gifts to charity may require an appraisal

    Valuable gifts to charity may require an appraisal

    Inflation enhances the 2023 amounts for Health Savings Accounts

    Inflation enhances the 2023 amounts for Health Savings Accounts

    Thinking about converting your home into a rental property?

    Thinking about converting your home into a rental property?

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    Educate yourself about the revised tax benefits for higher education
    • Jan 28, 2021
    • 2 min

    Educate yourself about the revised tax benefits for higher education

    Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to the tax breaks. Here’s a rundown of what has changed. Deductions vs. credits Before the new law, there were tax breaks available for qualified edu
    PPP loans have reopened: Let’s review the tax consequences
    • Jan 26, 2021
    • 2 min

    PPP loans have reopened: Let’s review the tax consequences

    The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the loans In March of 2020, the CARES Act became law. It authorized the SBA to make loans to qualified businesses under certain circumstances. The law established the PPP, which provided up t
    One reason to file your 2020 tax return early
    • Jan 25, 2021
    • 2 min

    One reason to file your 2020 tax return early

    The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too. How is a person’s tax identity stolen? I
    New law doubles business meal deductions and makes favorable PPP loan changes
    • Jan 15, 2021
    • 2 min

    New law doubles business meal deductions and makes favorable PPP loan changes

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law includes a provision that removes the 50% limit on deducting business meals provided by restaurants and makes those meals f
    2021 Q1 tax calendar: Key deadlines for businesses and other employers
    • Jan 10, 2021
    • 2 min

    2021 Q1 tax calendar: Key deadlines for businesses and other employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January 15 Pay the final installment of 2020 estimated tax. Farmers and fishermen: Pay estimated tax for 2020. February 1 (The usual deadline o

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