Morris+D'Angelo


Deduct 100 Percent of Your Business Meals under New Rules

Business Deductions, Business Expenses, Business Meal Deductions, Business Meals, COVID-19 Meal Deduction, Grubhub, Meal Deductions, Restaurants, Takeout, Uber Eats
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 ...

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New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

1040 Tax Breaks, CARES Act, Charitable Contributions, Coronavirus Aid, Economic Security Act, IRS Schedule A, Payroll Tax Deferral Repayment, Relief, Tax Deduction
The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer.

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New COVID-19 Supplemental Paid Sick Leave is a New Requirement as of March 29, 2021, for California Employers

California, California Employers, California Paid Sick Leave, COVID-19 Supplemental Paid Sick Leave, Governor Newsom, Paid Sick Leave, Supplemental Paid Sick Leave
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 ...

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SEP-IRA vs. Solo 401(k): Which Should You Choose?

401(k), Employer Contributions, Net Worth, Retirement, Self-Employment, SEP-IRA, Sole Proprietorship, Solo 401(k), Tax Deductions, Tax-Deferred
How do you multiply your net worth? Let the government help Here’s how: with both the SEP-IRA and the Solo 401(k) retirement plans, investing in your tax-favored retirement:

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Update: COVID-19 Tax Relief Measures after the New Law

Cares Act, Coronavirus Aid, Covid-19 Tax Relief, Crd, Tax Relief, Tax Relief Measures
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 ...

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Tax Economics: What You Should Know and Why You Should Care

Income Taxes, Tax Economics, Tax Literacy, Tax Rate, Tax Revenue, Taxes
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. ...

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Handling Key Non-Tax Financial Issues When a Loved One Passes Away (Part 3 of 3)

Death Certificates, Estate Planning Lawyer, High-End Home, Investment Accounts, Life Insurance Policies, Probate, Real Estate, Retirement Accounts, Revocable Trust, Safe-Deposit Boxes
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.

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Tax Considerations When a Loved One Passes Away (Part 2 of 3)

Decedent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning
If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The now-deceased loved one may have been single or married and may have been a relative or not.

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Tax Considerations When a Loved One Passes Away (Part 1 of 3)

Decendent, Executor, Executor’s Role, Grantor Trust, Living Trusts, Required Minimum Distribution, RMD Rules, Surviving Spouse, Survivorship, Tax Considerations, Tax Planning
During these challenging times dealing with COVID-19 and the additional challenges economic and otherwise it brings, if a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning.

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