by Megan Kosciolek, EA, MST | Apr 5, 2022 | Tax
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by...
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 Megan Kosciolek, EA, MST | Feb 17, 2021 | Business, COVID-19
On December 27, 2020, The Consolidated Appropriations Act 2021 (CAA) was signed into law. The new law enacted Section 2017 of The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA 2020). This Act extends the COVID-19 employee retention payroll tax credit...
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 | Jan 26, 2021 | Tax
If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip...
