Jan 8, 2020 | Firm Updates, Individual Tax
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...
Jan 6, 2020 | Firm Updates, Individual Tax
An ITIN is a tax ID number used by taxpayers who don’t qualify for a Social Security number. Certain ITINs expire at the end of each year, so if you have an ITIN, it is important to be aware of the expiration. Any ITIN with middle digits 83, 84, 85, 86 or 87, as...
Dec 24, 2019 | Firm Updates, Individual Tax, Retirement Planning
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...
Dec 20, 2019 | Firm Updates, Individual Tax, Small Business
With the holiday season in full swing, your business may choose to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by...
Dec 17, 2019 | Firm Updates, Individual Tax
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking...
Dec 5, 2019 | Firm Updates, Individual Tax
For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether...
