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...
by Paula Kennedy, EA | Sep 2, 2020 | Tax
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax...
by Paula Kennedy, EA | Aug 25, 2020 | Tax
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t...
