by Paula Kennedy, EA | Nov 9, 2020 | Tax
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying,...
by Paula Kennedy, EA | Nov 9, 2020 | Tax
As a result of the current estate tax exemption amount it’s now important to plan for income taxes ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans...
by Paula Kennedy, EA | Nov 9, 2020 | Tax
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through 2025 if they’re considered...
by Paula Kennedy, EA | Nov 6, 2020 | Tax
COVID-19 has changed our lives in many ways, and some of the changes have 2020 tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If...
by Paula Kennedy, EA | Nov 6, 2020 | Tax
If you’re buying a home, or you just bought one, you may wonder if you can deduct mortgage seller paid points on your behalf by the seller. Yes, you can, subject to some important limitations described below. Despite the COVID-19 pandemic, the National Association of...
