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

Giving Tuesday December 1, 2020   We’ve all heard of Black Friday and Cyber Monday, but did you know the day after Cyber Monday is called Giving Tuesday? It’s the day people are encouraged to make donations to the charitable organizations they want to support. This year Giving Tuesday (Dec. 1, 2020) is more important… Read More

Hire your child (under 18 years old) to work in your business. You can pay them up to $12,000. This is a good video to watch. If interested set up an appointment for us to discuss this in more detail and make sure it’ll work for you. Schedule your appointment: https://calendly.com/thebottomline     How to… Read More

Home Schooling, Household Employees, Nannies and childcare at home. Do you have children at home during this time of Covid? Childcare and schooling are a major issue for many right now. There are several options (including quitting your job), but it may be less expensive for you to hire someone to come to your home… Read More

In most cases, taxpayers who turned 70½ during 2019 must start receiving required minimum distributions (RMD) from individual retirement accounts (IRAs) and workplace retirement plans by April 1. The April 1 deadline applies to owners of traditional IRAs, but not Roth IRAs. Normally, it also applies to retired participants in various workplace retirement plans including… Read More

  Are you disabled and work? A family member who is disabled? Find out more about the tax savings with Able Accounts.  … Read More