Batley CPA Tax & Business Alert June 2022
Many taxpayers incur significant investment-related expenses, which might include payment for financial service subscriptions, clerical support and home office maintenance. Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income. If they’re considered trade or business expenses, however, they are deductible. This article explains the difference between a trader and an investor. A brief sidebar describes a court case to illuminate that difference.
Batley CPA Tax & Business Alert May 2022
Business owners may be able to hire their minor children this summer and get tax breaks and other nontax benefits. While owners save on payroll taxes and lower some costs, the kids also benefit. They can gain on-the-job experience, learn practical skills and at the same time learn how to manage money. A sidebar notes that earned income can help young workers get an early start on funding a retirement plan.
Batley CPA Tax & Business Alert March 2022
It may not be too late to lower your 2021 tax bill. Qualified individuals can still make deductible contributions to traditional IRAs until the tax filing date of April 18, 2022, and claim the deduction for 2021. This article provides details, including alternate strategies.
Batley CPA Tax & Business Alert February 2022
They say the early bird gets the worm. Early federal income tax filers may get a couple worms. This article discusses two benefits to filing early. A sidebar addresses the idea of not filing a 2021 tax return until one’s delayed 2020 tax refund is issued.
Batley CPA Tax & Business Alert January 2022
Because of the COVID-19 pandemic and other reasons, job upheaval has become common among Americans. If you’ll soon be changing employers, you should handle your retirement plan carefully. This article outlines the four basic options for plan rollovers.
Batley CPA Tax & Business Alert December 2021
Babies bring joy and excitement. They also bring substantial adjustments to the family budget! This article discusses a couple of ways to pacify the challenge: checking insurance and reviewing tax breaks. A sidebar advises starting a college fund as early as possible.
Batley CPA Tax & Business Alert November 2021
Many Americans receive disability income, and the question is often asked: Is it taxable? The short answer is: That depends on who paid for it. This article details how and when taxes may apply. A sidebar discusses how much disability coverage an individual may need.
Batley CPA Tax & Business Alert October 2021
The IRS recently announced it intends to hire thousands of new employees as part of a tax-enforcement push, which could mean an uptick in audits sometime soon. The best way to survive an IRS audit is to prepare for one in advance. This article discusses what might trigger an audit, how taxpayers are likely be contacted and who can help.
Batley CPA Tax & Business Alert September 2021
Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to still consider.
Batley CPA helps you make the most of Section 179 this tax season
The Tax Cuts and Jobs Act, passed in November 2017, is the most comprehensive tax legislation passed in more than 20 years.
