FJ-Associates-IndividualTax Banner

The Home Office Deduction

Posted by Scott Farnes on Sep 10, 2020 7:55:00 AM

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home. If you are an employee, however, you are not eligible to take the home office deduction - even if you are working remotely in your home office.

Read More

Topics: Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation, Business Expenses

RIC Shareholder Dividends Qualify as Section 199A

Posted by Scott Farnes on Sep 4, 2020 7:48:00 AM

Section 199A, enacted as part of the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction). It is available to eligible taxpayers with qualified business income (QBI) from qualified trades or businesses operated as sole proprietorships or through partnerships, S corporations, trusts, or estates, as well as for qualified REIT dividends and income from publicly traded partnerships. The deduction is not available for C corporations.

Read More

Topics: Taxes, Tax Deduction

Tips for Deducting Medical and Dental Expenses

Posted by Taylor Bennett on May 21, 2020 8:08:00 AM

If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits:

Read More

Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Deduction, Tax Return

Home Equity Loan Interest Still Deductible

Posted by Missy Dennis on Mar 10, 2020 8:22:00 AM

The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled.

Read More

Topics: Personal Finance, Tax Deduction, Tax Return, Home Ownership

Do You Need to File a 2019 Tax Return?

Posted by Scott Farnes on Feb 12, 2020 8:05:00 AM
Read More

Topics: Taxable Income, Taxes, Tax Deduction, Tax Credit, Tax Return, Tax Preparation

Standard Mileage Rates for 2020

Posted by Taylor Bennett on Jan 21, 2020 8:21:00 AM
Read More

Topics: Taxes, Tax Deduction

Updated Rules: Deductible Business & Other Expenses

Posted by Scott Farnes on Dec 11, 2019 8:44:00 AM
Read More

Topics: Business Ownership, Taxes, Tax Deduction

Business Expense Deductions for Meals, Entertainment

Posted by Taylor Bennett on Nov 7, 2019 8:17:00 AM
Read More

Topics: Business Ownership, Tax Deduction, Business Expenses

Special Tax Breaks for Members of the Armed Forces

Posted by Taylor Bennett on Oct 30, 2019 8:48:00 AM
Read More

Topics: Taxes, Tax Deduction, Tax Credit

Tax Reform Reminder: Changes to Itemized Deductions

Posted by Scott Farnes on Oct 28, 2019 8:03:00 AM
Read More

Topics: Personal Finance, Taxes, Tax Deduction, Tax Reform

More Tax Tips