As we approach the end of the year, there’s still time to reduce the taxes you owe in 2020. Here are six ideas that can save money for many taxpayers. 1. Leverage pre-tax savings Be sure to take advantage of opportunities to set aside income on a pre-tax basis. Some examples of these opportunities include:Read more about Six Ideas to Lower Your Taxes This Year[…]

The deadline to register for your stimulus check (or more properly, your “Economic Impact Payment”) using the Non-Filers tool has extended to November 21, 2020. If you or a family member typically don’t have to file a tax return and haven’t received an Economic Impact Payment, you should register as quickly as possible using theRead more about Stimulus Check Registration Deadline Extended[…]

Closing a business is never an easy decision to make. Nonetheless, it’s sometimes necessary and not all that uncommon. If you find yourself in this situation, there are number of steps you should take to shut down your business in an orderly manner and ensure that the IRS knows that your business should no longerRead more about What to Do When Closing a Business[…]

With unemployment at historicly high levels, a lot of people find themselves changing jobs. If you are one of them, be sure to think about any 401(k) that you might be leaving behind at your old employer. The money in your 401(k) is your money, not your employer, and you are entitled to it, evenRead more about Managing Your 401(k) When Changing Jobs[…]

Amid this global pandemic, a lot of people find themselves working from home, rather than traveling to an office. Because of this, there is more interest than usual in the home office deduction. Here’s what you need to know. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working inRead more about What to Know About the Home Office Deduction[…]

A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s tax holiday, however, is not necessarily a forgiveness of Social Security and Medicare taxes, because the order is notRead more about Be Cautious of Temporary Payroll Tax Holiday[…]