Did you get an Economic Impact Payment that was less than you expected?
Posted May 20, 2020 / No comments
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for
Read MoreTKO Presents – CARES Act Webinar on Friday, April 3, 2020 at 12:00 PM CST
Posted April 1, 2020 / No comments
You are invited to a webinar hosted by Tighe, Kress & Orr! This session will be a deep dive into the recent Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. Date: Friday, April 3, 2020 Time: 12:00pm CST On March 27, 2020 President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES)
Read MoreDo you run your business from home? You might be eligible for home office deductions
Posted February 24, 2020 / No comments
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture
Read MoreThe tax aspects of selling mutual fund shares
Posted February 11, 2020 / No comments
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated
Read MoreDo you want to go into business for yourself?
Posted February 10, 2020 / No comments
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction
Read MoreThere still might be time to cut your tax bill with IRAs
Posted February 4, 2020 / No comments
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the
Read MoreAnswers to your questions about 2020 individual tax limits
Posted January 28, 2020 / No comments
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020.
Read MoreCents-per-mile rate for business miles decreases slightly for 2020
Posted January 21, 2020 / No comments
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019. Calculating your deduction Businesses can generally deduct the
Read MoreCan you deduct charitable gifts on your tax return?
Posted January 21, 2020 / No comments
Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are
Read MoreHelp protect your personal information by filing your 2019 tax return early
Posted January 14, 2020 / No comments
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax
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