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7 Valuable Deductions for Self-Employed Individuals

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time. In any event,… Read more »

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Protect Your Assets As You Protect Your Loved Ones

You’ve worked a lifetime to build your wealth and understandably want to pass much of it on to your loved ones. Estate plans are designed to help you do that in the most tax-efficient way possible. But first, to ensure you… Read more »

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Federal Tax News

Company president is assessed a penalty. If an employer withholds taxes from employees but doesn’t pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax and can be… Read more »

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Vacation Home Usage Has Tax Implications

Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this… Read more »

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How Virtual Currency Transactions Affect Your Tax Situation

Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal… Read more »

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Federal Tax News

Are you thinking about buying a plug-in electric car or truck? Fortunately, a tax credit is available for qualified vehicles. The base amount of the credit is $2,500 per vehicle. The vehicle must be new and have battery capacity of at… Read more »

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Big Changes to the Child Credit for 2021

The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalizations are only for the 2021 tax year. Here’s the story…. Read more »

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Federal Tax News

What’s a “restaurant” for tax deduction purposes? A recent tax law provides a 100% business deduction (up from 50%) for food and beverage expenses in 2021 and 2022 as long as they’re “provided by a restaurant.” The IRS has now defined… Read more »

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Construction Contractors: Fraud Prevention Starts With You

From equipment theft to padded time to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for construction companies — significantly higher than… Read more »

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Federal Tax News

The IRS extends the Tax Day deadline. Individual taxpayers get extra time to file their 2020 tax returns and pay their taxes because of the pandemic. The IRS announced that the federal income tax filing and payment due date has been… Read more »

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