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News Alert – Second COVID Relief Package Passed

News Alert – Second COVID Relief Package Passed Stimulus checks could mail as early as next week Both houses of Congress voted to pass the … → Read more

Why Economic Impact Payment Could Be Different Than Anticipated

Why Economic Impact Payment Could Be Different Than Anticipated Cross References • IR-2020-93, May 11, 2020 The IRS has posted information on … → Read more

Tax Insights – July 2020

Hobby Income If you have income from sources other than your main job, how do you know whether it’s income from a business or hobby? The … → Read more

Are there additional tax deductions I can take for being self-employed?

An initial expense you may be able to deduct is for business equipment up to $500,000 for 2016 (same as 2015), rather than writing it off over multiple years. Self-employed business people may also deduct 100% of their health insurance premiums. In addition to those, you may also deduct your investments in a Keogh, SEP or SIMPLE IRA plan

Are there benefits to filing a separate tax return than my spouse instead of filing jointly?

If you’ve experienced one of the following, it may be more beneficial for you to file separately instead of jointly:
• You have relatively equal incomes.
• One spouse has significant medical expenses, various itemized deductions or casualty losses.
Filing separately may benefit these couples because the adjusted gross income will be calculated separately for taking the above deductions.

What is the most tax beneficial way to give to charity?

When you plan on making a charitable contribution that you plan to deduct on your taxes, donate the appreciated capital asset rather than selling it and donating the after-tax proceeds to the charity. If you donate the asset itself rather than cash from the sale of it, you can avoid paying the capital gains tax on the sale, and you can deduct the item for the full fair-market value.

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