Bad Debts: What Losses Can You Deduct and When?

Many individuals and businesses have suffered bad debt losses during the COVID-19 pandemic. But the IRS may be skeptical of deductions claimed for these losses. Here's some guidance to help individuals and business owners navigate the maze of federal income tax rules for the treatment of bad debt losses.

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Federal Tax News

PPP loans are expanded and extended. Under the new Consolidated Appropriations Act, eligible small businesses can take out first or "second draw" Paycheck Protection Program (PPP) loans. This provision targets smaller and harder-hit businesses with 300 or fewer employees that […]

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Appropriations Law Adds Some Business Tax Breaks and Extends Others

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.

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New Law Includes Favorable Changes for Individuals

The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The new law, called the Consolidated Appropriations Act, contains beneficial changes for individuals. This article explains some of the highlights.

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Year-End Estate Planning Tips for 2020

Most people aren't currently exposed to the federal estate tax, thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current […]

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Federal Tax News

Do you have a Flexible Spending Account (FSA) with your employer? Make sure to take full advantage of it this year and in the new year. For 2021, the contribution limit remains at $2,750 (unchanged from 2020). If an employer […]

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How to Save on Your 2020 Personal Tax Bill

  It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year-end. Gaming the Standard Deduction The Tax Cuts and Jobs Act (TCJA) […]

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