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Can you deduct the costs of a self-managed portfolio?

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.

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Hiring your minor children for summer jobs

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.

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Could you be hit with the Trust Fund Recovery Penalty?

Batley CPA Tax & Business Alert April 2022

There’s a harsh tax penalty that business owners could have to pay personally if they own or manage a business with employees. It’s called the Trust Fund Recovery Penalty and it applies to the Social Security and income taxes required to be withheld by a business from the wages of its employees. This article looks at the risk and explains how business owners, managers and other involved parties can avoid incurring the penalty.

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Slim your 2021 tax bill by fattening your IRA

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.

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Get more worms by filing your taxes early

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.

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Handle retirement plan rollovers with care

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.

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Budgeting for baby

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.

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Is disability income taxable?

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.

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Being prepared for an IRS audit

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.

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The current state of estate planning

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.

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