AGI Basics: What Is Adjusted Gross Income?

Adjusted Gross Income Defined Adjusted gross income (AGI) is a taxpayer’s total (or gross) income minus certain “above-the-line” deductions. The IRS uses your AGI as a starting point to determine how much tax you owe. To calculate your AGI, you

Posted in General Tax Tips & News

Firms with a Forgiven PPP Loan May Lose Tax Deductions

PPP Loan Forgiveness Creates Tax Issues In normal business times, remember those days, if a company’s lender forgave a debt of at least $600, the company had to treat that as income. Also, in typical times, the IRS required lenders

Posted in General Tax Tips & News, Small Business Accounting Tips

Deducting a Home Office in 2020

Work-life has changed with the pandemic of 2020. Many of us have not set foot in an office in months.  While this new work style has upended many aspects of life (ask any parent with school-age kids), it may provide

Posted in General Tax Tips & News, Personal Budget

Capital Gains on Home Sale for Widows and Widowers

After your spouse passes, you may want to sell your home. You may decide it’s too big, too much to keep up, or holds too many memories, or you may want to move closer to kids and grandkids. An Overview

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QBI Deduction for Small Business: What it is and How to Claim It

Overview of the Qualified Business Income (QBI) Deduction in 2020 In December 2017, Congress created a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). We wrote an initial post on how QBI reduces taxes

Posted in General Tax Tips & News, Small Business Accounting Tips

Social Security Strategies for Married Couples in 2020

Married Couples Have Flexibility In Claiming Social Security Benefits In terms of claiming benefits, Social Security provides married couples with more flexibility than it offers single folks. The best strategy for each couple depends on their ages, health, and earning

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Posted in Personal Budget

How to Determine and Take Your RMD

Take Your Required Minimum Distribution Correctly or Face Penalties You Must Withdraw the Correct RMD Each Year or Face Stiff Penalties After you reach age 72 (70½ if you were born before July 1, 1949), the IRS requires you to

Posted in General Tax Tips & News

New Programs Help Employers Retain Employees During Pandemic

This month The U.S. Treasury and Small Business Administration (SBA) launched two new programs to help small businesses hurt by the COVID-19 pandemic. You can view two web pages describing these programs at the following links Paycheck Protection Program (PPP)

Posted in General Tax Tips & News

Overlooked Tax Deductions and Tax Credits Can Reduce Your Tax Bill

Don’t Overlook These Six Deductions When You File Your 2019 Taxes Tax day is coming soon. Make sure you take all the tax credits and tax deductions you can to keep more of your hard-earned money. We list below some

Posted in General Tax Tips & News

Inherited Money is Tax-Free for Many

Do You Owe Tax on That Inheritance? You just learned that Aunt Millie left you $40,000 in cash in her will. You’re delighted with the news and then comes the question “Do I owe tax on that”? In most cases,

Posted in General Tax Tips & News

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