by Leif Jensen | Dec 7, 2020 | Taxes |
The IRS has made up some new fun just for 2020. Donate cash, to make use of two new tax rules that apply only for 2020. Nonitemizers can claim an above-the-line deduction of up to $300 for charitable cash contributions that they make in 2020. This means that for 2020,...
by Leif Jensen | Oct 21, 2020 | Taxes |
Have you been working from home since your employer’s office closed? If so, you do not get to claim the home office deduction, you are an employee. Prior to 2018, certain employees could deduct the cost of home office expenses as unreimbursed employee costs included...
by Leif Jensen | Sep 29, 2020 | Taxes |
We have all heard the ads on the radio. People promising to get the IRS off your back, Those promises to settle your IRS tax debts for pennies on the dollar are just that: Promises. Firms that hawk these types of tax-debt relief plans are referred to by the IRS as...
by Leif Jensen | Sep 28, 2020 | Taxes |
Leasing a vehicle to use in your business is a bit cheaper tax wise in 2020. If a car that is worth more than $50,000 is first leased for business during the year, the lessee must pay income tax each year on an amount spelled out in IRS tables. For example, on a...
by Leif Jensen | Sep 23, 2020 | Running a Business, Taxes |
I have lots of clients who want their vehicles to be company vehicles, but they only use the vehicles for commuting back and forth to their offices and for other personal uses. So they don’t get to claim a business vehicle. They can get reimbursed for their business...
by Leif Jensen | Sep 8, 2020 | Banking, Running a Business, Taxes |
I am going to harp on this on final time. PPP Forgiveness of the loan will be deemed tax-free. However, to business owners who take the loan will not be able to write off expenses that would otherwise be deductible if they use those PPP funds to cover the cost and...
