The year 2020 has brought many challenges and tax changes. In late 2019, a law was passed which included many of the long-anticipated “tax extenders” and significant changes to retirement accounts. Due to the pandemic, many other tax provisions were implemented through the CARES Act and FFCRA in an effort to help lessen the financial […]
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Tax legislation has changed certain education tax benefits. The 2017 Tax Cuts and Jobs Act (TCJA) offers tax savings as a result of changes to qualified tuition programs and discharge of student loan debt. Qualified Tuition Programs (529 Plans) Beginning in 2018, you can save more for a child’s education as a result of changes […]
If you work out of your home you’re part of a growing trend. What’s important to you, however, is that you may qualify for some valuable federal income tax deductions. You may be able to deduct part of your home’s normal operating expenses for items such as utilities and insurance, you may be able to […]
Although tax planning is a 12-month activity, yearend is traditionally the time to review tax strategies from the past and to revise them for the future. Yearend has also become a time when there is an increasing need to take a careful look at what’s changed within the tax law itself since the beginning of […]
In general, if you use your vehicle in pursuit of a trade or business, you are allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with the personal use of the vehicle are not deductible. For purposes of these deductions, “car” includes a passenger vehicle, van, pickup […]
All too often we hear about damage caused by floods, fires, and other natural disasters. Just in case this ever happens to you we’d like to remind you that keeping records will help ease your way in getting tax deductions or insurance reimbursements. You can deduct nonbusiness property losses caused by casualty within limits. But […]
If your home or other property is damaged as a result of a fire, earthquake, flood, hurricane, vandalism or similar event, you may be able to take a deduction for the loss. To be deductible as a casualty loss, the property must be damaged, lost or destroyed by a sudden, unexpected or unusual event. Therefore, […]
I was recently asked about my opinion regarding items for consideration when leasing a physical space in Summerville, SC. Regardless of where you desire to lease, there are several general agreement terms/conditions and language to consider. Among them, in no particular order, include: Payment: Amount, Frequency, Method, Deposit Amount, Payment Structure (this may be relevant […]
It’s the middle of the year and the pain and contempt for realizing your actual tax obligations are beginning to subside. Now is the time to take action and help yourself avoid that same agony next year. While it is good to take an appropriate break from the realities of family and business financial goals, […]