Here’s What Taxpayers Need To Know About The Home Office Deduction
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a [...]
Protective Refund Claims for ACA-Related Income Taxes
Earlier this year, the U.S. Supreme Court recently announced they would hear a case that challenges whether the individual mandate under the Patient Protection and Affordable Care Act (ACA) is constitutional. It is possible that [...]
California Tax Updates for July 29th
Update 1: Here’s one last reminder that California’s sales and use taxes are due July 31, 2020. Sales and use taxpayers are expected to meet this deadline for: the June tax return (for accounts that [...]
Are Scholarships Tax-Free Or Taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If [...]
Reopening Concepts: What Business Owners Should Consider
A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of [...]
Take Advantage Of A “Stepped-Up Basis” When You Inherit Property
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known [...]
Even If No Money Changes Hands, Bartering Is A Taxable Transaction
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, [...]
Conduct A “Paycheck Checkup” To Make Sure Your Withholding Is Adequate
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to [...]
Businesses: Get Ready For The New Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to [...]
California Tax Updates for July 8th
Post 1: Interest rates set on overdue payroll tax in California. For the period beginning July 1, 2020, through Dec. 31, 2020, the rate will be 5% compounded daily, according to the CA Employment Development [...]