Tag Archives: mortgage interest

Paycheck Protection Program (PPP)

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Come on!  I can’t be all pandemic, all the time.   Oh, wait, this is kind of about the pandemic situation.  So, I guess -even in the height of (a now extended) tax season, the Covid-19 situation compels a lot of my attention.

Continue reading Paycheck Protection Program (PPP)

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We covered death. Now, it’s time for taxes.

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You know the tax law has changed. And, for many of you, that means that itemizing is no longer an option.  (If you are married, the threshold of deductions needed to itemize went from $ 12K to $ 24K- and you are limited to $ 10K for the TOTAL of your property taxes and state/local income taxes.  Of course, you could do as I have done for many a client- filed separately for the first time in decades.  Where the threshold is $ 12K- and you still have that 10K max for property/state/local taxes….)

Continue reading We covered death. Now, it’s time for taxes.

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When a home office is not a home office

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I’ve had a slew of folks argue with me that their business has no office but the one in their home.  If their business is unincorporated (and if your net income is $ 25K or higher- shame on you for being unincorporated) or a disregarded LLC, I agree that they have the ability to claim part of their home’s expenses for business purposes, using Form 8829.  

Continue reading When a home office is not a home office

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The new tax law has hidden surprises

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By now, you may have been contacted by your employer to change your federal and state exemptions. Both because it’s a new year- and because of the tax law that was enacted last year.   Normally, you can follow the instructions that you are provided.  (But NEVER choose 9 or more exemptions- even if you think that makes sense, because that sets off alarms with every tax agency.  I’m not saying you are wrong- I am just saying, why bring on the aggravation.)

Continue reading The new tax law has hidden surprises

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And, now for the Senate Side

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So, what does the Senate version of this bill (HR-1) do?  By and large, the Senate bill matches HR-1.  But, there are some significant differences.  It’s not clear which house will prevail in their interpretation of the various changes (or that the Senate version passes at all).  But, again,  tax planning is critical-  we need to know what may happen.  We need to discern what changes this Senate version- if it passes- will have in conference, when the House and Senate work out the differences in their versions.

Continue reading And, now for the Senate Side

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HR 1, too!

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We began discussing the proposed changes to personal tax filings yesterday.  We’ll finish with the changes to the individual tax system today-and then go on to the changes to the business tax filings.

Continue reading HR 1, too!

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