by Paula Kennedy, EA | Feb 22, 2021 | Tax
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...
by Paula Kennedy, EA | Feb 22, 2021 | Tax
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your donations in 2020. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax...
by Paula Kennedy, EA | Feb 9, 2021 | Tax
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,...
by Paula Kennedy, EA | Feb 3, 2021 | Tax
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...
by Paula Kennedy, EA | Jan 26, 2021 | Tax
There’s a new IRS form 1099-NEC and 1099-MISC for business taxpayers that pay or receive certain types of nonemployee compensation and it must be furnished to most recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms...
