2021 Mileage Rates are Here!New mileage rates announced by the IRS The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car …
Month: December 2020
Your Home. A Bundle of Tax Benefits.
Are you capturing all the tax benefits built into homeownership? Here are the most common. There are many tax benefits built into home ownership. Here is a review of the most common. It may be worth a quick check to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is …
Gone Phishing?
Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know.Phishing requires baitPhishing is the act of creating a fake e-mail or website that looks like …
A Dozen Year-End Small Business Tax Tips
Save money and get ready for tax season with these year-end small business tax tips. Also read how to make cold calling a key part of your business development toolbox. As 2020 winds down, here are some ideas to consider to help manage your small business and prepare for filing your upcoming tax return. Identify …
Plan Your 2021 Retirement Contributions
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions. As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial …
Four Tax Moves to Make Before 2020 Ends
As 2020 is coming to a close, here are four tax planning moves you should consider. Here are a few time-tested tax strategies to consider as we head towards the end of 2020: Maximize retirement plan contributions. You’ve heard this advice many times, because it’s one of the best strategies for saving tax dollars, especially when …
15 Year-End Tax Tips
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching. At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may …
Turn Your Home Office Into a Tax Deduction
Turn your home office into a tax deduction. Also read about common IRS surprises, how to use depreciation to manage your business's profit margin and ideas to help your kids with virtual learning. If you are working from home for the first time in 2020, you may be wondering if your home office is tax …
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