Tax

tax tips

March/April 2020 Tax Tips

Businesses: It’s time to revisit your sales tax obligations It’s been more than a year and a half since the U.S. Supreme Court ruled in South Dakota v. Wayfair that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state. Since that time, most…

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CARES Act

The New COVID-19 Law Provides Businesses with More Relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid…

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estimated tax payments impact on economy coronavirus

Estimated Tax Payment Consideration Under COVID-19

Business owners and individuals need to be actively planning for the economic impacts of the coronavirus (COVID-19) including the impact on cash flow.  Measures to provide tax relief and to support businesses by Federal, state and local tax jurisdictions to combat fears of COVID-19’s potential effects on people, businesses and the overall economy are being…

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closely-held business tax releif

Do You Own a Closely-Held Family Business?

Sec. 6166 may help ease the sting of estate taxes Assets such as an illiquid closely-held business can pose unique estate planning challenges. Indeed, even with the gift and estate exemption amount at an inflation-adjusted $11.58 million for 2020, these taxes can continue to be burdensome if a family has a significant amount of wealth…

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gift tax return

The 2019 Gift Tax Return Deadline is Coming Up

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file…

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caring for your S corporation

The Proper Care and Feeding of Your S Corporation

Diligence required to avoid inadvertent termination and loss of tax benefits The S corporation continues to be a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. But these benefits come at a price: S corporations must comply with strict requirements that limit the number…

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mortgage interest

Home is Where the Tax Breaks Might Be

If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize deductions in order to take advantage…

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home office deductions

Do You Run Your Business from Home? You Might be Eligible for Home Office Deductions

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture…

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married filing separately

Reasons Why Married Couples Might Want to File Separate Tax Returns

Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation, as there are cases when filing separately is a better option. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file…

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fiduciary returns

Tax Payments for Virginia Fiduciary Returns No Longer Required to be Paid Online

Beginning with returns filed for 2019 tax years, Virginia fiduciary returns are no longer required to make payments electronically or request a waiver in order to not pay online.  A tax return preparer is still required to electronically file fiduciary returns, however. Beginning with returns due on or after January 1, 2018, all Virginia fiduciary…

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