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Making a deductible contribution to an IRA

Making a deductible contribution to an IRA

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing...
Business owners and home office tax deductions

Business owners and home office tax deductions

During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income with home...
2021 individual taxes: Answers to your questions

2021 individual taxes: Answers to your questions

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 individual taxes. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However,...
The rate for business miles decreases again

The rate for business miles decreases again

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile for business miles. As a result, you might claim a lower deduction for...