Charity Volunteer Tax Breaks
If you volunteered your time for a charity or governmental entity during the COVID-19 pandemic, some deductions are permitted for out-of-pocket costs incurred while performing the services.
Big Tax Breaks for Hiring Your Children in the Family Business
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help with your business. Financially, it makes more sense to keep family employed rather than hiring strangers, provided, of course, your family member is suitable for the job. Note, however, that wages paid to children and other relatives aren’t…
Wealthy Taxpayers: 5 Strategies to Consider for Potential Tax Increases
Regardless of who wins the next election, with rising deficits, government spending skyrocketing, and revenue dropping due to the COVID-19 pandemic, taxes will surely go up in coming years.
Unique IRA Opportunities for 2020
From converting traditional IRAs to taking advantage of the RMD suspension for 2020, this year provides unique tax opportunities for those who have traditional IRA accounts.
In the News: IRS extends deadline for required minimum distribution repayment
In the Marietta Daily Journal, Bil Lako, CFP®, explains the IRS’ latest move to help investors repay their unwanted 2020 RMDs.
Don’t Throw Away That Notice 1444
If you’ve already received your economic impact payment, you’ve probably already received Notice 1444. Make sure you keep it, as you may qualify for a refundable credit on your 2020 return.
July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return
Due to COVID-19, the IRS extended the tax filing deadline to July 15th—but that tax deadline applies to other items!
A Novel Way to Make COVID-19 Relief Donations
You may be able to convert unused paid vacation time, sick leave and personal leave for cash payments that your employer can donate to COVID-19 relief charitable organizations.
CARES Act Update: IRS Extends Deadline for Required Minimum Distribution Repayment
The IRS issued Notice 2020-51 that clears up any misconceptions about your 2020 RMDs. If you took any RMD withdrawals prior to the suspension of RMDs, you can redeposit your withdrawal to your retirement account by Aug. 31, 2020.
Does Your Business Qualify for the Research Tax Credit?
The purpose of this credit is to reward businesses that pursue innovation by continually increasing investment in research activities.