by Paula Kennedy, EA | Jun 30, 2021 | Tax
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns...
by Paula Kennedy, EA | Jun 28, 2021 | Tax
As we continue to come out of the COVID-19 pandemic, you may be traveling for business again. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted...
by Paula Kennedy, EA | Jun 28, 2021 | Tax
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional Medicare premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may...
by Paula Kennedy, EA | Jun 9, 2021 | Tax
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation...
by Paula Kennedy, EA | May 25, 2021 | Tax
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child...
