2020 has been a unique year to say the least. Many people who would otherwise commute to an office or jobsite every day are finding that they need to work from home because of the COVID-19 pandemic and social distancing restrictions. There may be tax benefits for individuals who find themselves setting up shop at home for an undetermined period of time. Here’s what you need to know to take advantage of those rules.
If you’re a business owner with more than $500,000 of excess business losses, the recently-passed Coronavirus Aid, Relief, and Economic Security Act (CARES) Act includes an unexpected tax giveaway you’ll want to know about.
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Taxpayers and tax professionals alike have debated the merits and faults of The Tax Cuts and Jobs Act of 2017 (TCJA) over the last two years. One change that has negatively affected many individuals who itemize their federal deductions is the $10,000 limit on state and local taxes (SALT cap). Maryland recently joined Connecticut, New Jersey, and several other states employing a new strategy to provide a larger federal benefit to individuals for state taxes paid.
All of us are adapting to a new way of life as the world struggles to deal with the COVID-19 crisis. To mitigate the consequences of stay-at-home orders, federal and state agencies have created various programs to assist small businesses dealing with losses of revenues and to sustain employees who have lost their jobs in industries where shelter-in-place orders exist. Following are a few tax planning opportunities that stem from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other recent legislative acts to consider.
Computer software drives the world. Businesses use software to account for transactions, communicate with colleagues and customers, and design and manufacture new products. One thing is clear: without software, we’d be lost. Accounting for the costs associated with software acquisition, however, can be less than straightforward. In this article, we’ll outline some things a business will need to consider when acquiring or implementing new software for its own use and how to account for those transactions.
With the holidays over, tax-minded individuals are now focused on gathering their paperwork to file 2019 returns and project what their tax situation will look like in 2020. Each year, Congress decides to extend or let expire various provisions of the tax law. This article summarizes some of the more commonly-used “extenders” so individuals and business owners may understand the impact of various courses of action.