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Tax Record Keeping Tips for Individuals and Businesses

Posted by Taylor Bennett on Sep 16, 2020 8:13:00 AM

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

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Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Planning, Tax Preparation

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.

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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.

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Topics: Taxes, Tax Deduction

What is Form 1099-NEC?

Posted by Missy Dennis on Sep 2, 2020 8:21:00 AM

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. This is a new form that only applies to business taxpayers who pay or receive nonemployee compensation.

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Topics: Business Ownership, Taxes, Tax Return

Tax Facts to Know If You're Selling Your Home This Year

Posted by Scott Farnes on Aug 13, 2020 8:31:00 AM

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year.

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Topics: Taxable Income, Personal Finance, Taxes, Home Ownership

Reporting Farm Income and Expenses

Posted by Missy Dennis on Aug 5, 2020 8:16:00 AM

Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you're in the farming business or are thinking about it, here are ten things you should know about farm income and expenses.

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Topics: Taxable Income, Taxes, Tax Return

Tax Tips for Students With a Summer Job

Posted by Taylor Bennett on Jul 9, 2020 8:01:00 AM

Whether the goal is to gain experience or earn some spending money or help pay for college, summer is the prime job season for teens and college students. This year, however, with the coronavirus pandemic, the job situation has not been as easy - not to mention that it is starting later than usual. Nonetheless, if you are a high school or college student (or the parent of one) who has been lucky enough to find summer employment, here's what you should know about income earned during the summer months

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Topics: Taxable Income, Personal Finance, Taxes, Tax Planning

Estates and Trusts: Guidance for Itemizing Deductions

Posted by Missy Dennis on Jun 30, 2020 8:12:00 AM

The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions and are allowable in figuring adjusted gross income, specifically:

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Topics: Personal Finance, Taxes, Managing Your Tax Liability, Tax Planning

Facts About Capital Gains and Losses

Posted by Taylor Bennett on Jun 18, 2020 8:27:00 AM

When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and losses can affect your federal income tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Rental Real Estate, Home Ownership

Facts About the Adoption Tax Credit

Posted by Taylor Bennett on Jun 2, 2020 7:55:00 AM

Parents who adopted or started the adoption process during 2019 may qualify for the adoption credit. Generally, the credit is allowable whether the adoption is domestic or foreign. However, the timing rules for claiming the credit for qualified adoption expenses differ, depending on the type of adoption.

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Topics: Personal Finance, Taxes, Tax Credit, Tax Return, Adoption

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