The announcement this week that $10,000 to $20,000 of student loan debt could be forgiven was welcome news to all who qualify to receive it. But because loan forgiveness and loan cancellation are usually reported as income on your tax returns (and are therefore taxable), you may be asking how this will affect you when… Read More
A Quick (but not comprehensive) List of What to Give Your Tax Preparer Everyone’s financial situation is unique, so it’s impossible to say what exactly you will need to give to your tax professional in order for them to prepare your returns, but here are some general guidelines on what documents and information to collect.… Read More
An End of Year To-Do List that Will Make Your Taxes (and therefore your life) Easier 1.) If you haven’t yet, create a folder on your computer desktop titled ‘2021 Taxes.‘ Into this folder you’ll put * All the tax documents you’ll receive electronically. It’s a good idea to scan the documents you receive on… Read More
As we near the end of 2021, many taxpayers are looking to decrease their tax liability by donating money to charities. (Reminder: the CARES Act allows individuals who take the standard deduction to deduct up to $300 in monetary donations and couples filing jointly to deduct up to $600. 2021 is presumably the last year… Read More
If you own a small business, you can deduct advertising and marketing expenses from your income. The expense must have the goal to keep existing customers or bring in new customers. The cost must be ordinary and necessary to be tax-deductible. An ordinary expense is one that is common and accepted in your industry. A… Read More
Crowdfunding is small donations/investments of capital from many people so that businesses or individuals can finance new ventures and it has become more and more prevalent over the years. Through websites such as Kickstarter, GoFundMe, and Patreon, it’s easier to give funds that help people and small businesses in need. But what are the tax… Read More
If you itemize filing a Schedule A, you can deduct charitable contributions. In 2020 individuals who do not itemize can deduct up to $300 from gross income for their qualified cash charitable contributions to public charities, private operating foundations and federal, state and local government. Regardless of the amount, you must maintain a record of the… Read More
OFFICE IN HOME Everyone is asking about this since they’re required to work from home due to the Covid pandemic. For federal tax purposes you can only deduct office in home if you are a business. In Pennsylvania you can deduct Home Office expense if your employer requires you to work from home. If… Read More
2021 Newsletter… Read More