Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
As a subscriber (member), you know that we try to find multiple ways for you to legally deduct 100 percent of your business meal expenses versus the typical 50 percent.
Now, thanks to a new law enacted December 27, 2020, new IRS regulations, and a new IRS notice (yep, all three are new), you have fresh opportunities for writing off 100 percent of your business meals.
For 2021 and 2022, you can deduct 100 percent of your business meals by ...
The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.
In California starting March 29, 2021, by Senate Bill 95, signed by Governor Newsom on March 19, 2021 (California Supplemental COVID-19-related Paid Sick Leave, “CASPSL"), employers operating in California must begin providing their California employees a new form of COVID-19 supplemental paid sick leave.
The new version reaches small and large employers alike and mandates that employers provide COVID-19-related paid sick leave in more circumstances than last year’s supplemental paid sick leave law and applies retroactively to January 1, 2021.
Last year’s ...
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others that expired on December 31, 2020.
With all the changes that took place in 2020, we recommend that you should be informed of the following insights.
Borrow $100,000 from Your IRA and Pay It Back Within Three Years with No Tax Consequences
Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), IRA owners who were adversely affected by the ...
Taxes impact each of us. Each of us differently. Tax is the polite term for paying for rendered services and tax authorities seek ways to extract the most from its citizens without causing a revolt. Nearly all armed uprisings include a measure of taxation, its perceived fairness, and the use of the “proceeds” as an underpinning. Taxes, their policy and collection metrics, encourage behaviors. Not all behaviors are honorable.
This posting (and any future ones) is not designed to be a full treatise on tax policies as there are library shelves filled already. ...
Washington State is on the verge of joining Oregon, California, and 40 other states by implementing a Capital Gains Tax. Washington State Income Tax proposals have been floated around for many years and have consistently been either rebuked in the legislature or shot down by the voters.
Today, we live in different times. The implications of perceived tax injustices with the belief that the wealthy do not pay their fair share and the never satiated U.S. Government determined on spending anything they could receive thus devouring all that is within their range.
Over the last couple of weeks, I’ve discussed and published some suggestions on how you might proceed when a financially comfortable loved one has passed away and what you might do to prepare toward preserving your Estate or your duties as an Executor.
Is it “Tax-Free Money” or is it a “Loan”
Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “Tax-Free Money” or do you think “Loan”?
The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.
As a Business Owner, U.S. Tax Deductions are always welcome. But remember, deductions aren’t static. Allowable U.S. Tax Deductions change over time, and some go away, or, in the case of the Section 199A Deduction, new deductions are added.
The Tax Cuts and Jobs Act (TCJA) that was signed into law in December 2017 was part of a major tax reform that paved the way for the Section 199A Deduction. This part of the tax reform could result in big tax savings for small businesses and real estate investors.
Major elements of the ACT include reducing tax rates for busine...