Category Archives: Tax

What is the Home Office Deduction?

Introduction With the current norm of remote work and the increasing number of people operating businesses from their homes, the home office has become more important than ever. Beyond the convenience and comfort it offers, your home office can also be a source of potential tax savings. With the information found in this blog you

What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?

What is the difference between an amended tax return and a net operating loss carryback? During recent years with the ever-changing tax laws and updates related to COVID we have seen a dramatic uptick in the number of clients filing amended tax returns and net operating loss (NOL) carryback claims. This post explains the difference

How to Qualify for R&D Tax Credits

What is R&D          The research and development tax credit is a federal incentive that allows companies to reduce income tax liability in the current year dollar for dollar when they are preforming activities related to the development, design, or improvement of things like products, software, process, etc. Many businesses, especially smaller

Should I Have an HSA Account?

What is an HSA?       Health Savings Accounts, or HSA’s, are essentially personal bank accounts that can be used for medical expenses. Contributions are made tax free as well as withdrawals when they are made for qualified health expenses. People tend to use these accounts alongside their retirement plans to reduce their taxable income.

2021 Tax Return Due Dates and 2022 Tax Estimate Due Dates

Many times throughout the year our clients inquire as to when their tax returns are due or when their estimated tax payments are due. The chart below lists the 2021 filing dates and 2022 estimated tax payment dates for the returns that we frequently encounter. Find the pdf. for the table above here. If you

Meals & Entertainment Tax Deductions

tax deductions

Prior to 2017, Meals and Entertainment related expenses were typically 50% deductible. In 2017, the Tax Cuts and Jobs Act, what is known as the Trump Tax Laws, changed that.  In the image below we’ll walk through the new rules from 2018 through 2023: Prior to 2017 entertainment was 50% deductible. As you can see

What does pass-through entity tax mean for my small business?

pass-through entity tax

You may recall before the 2017 Tax Cut and Jobs Act, you were able to deduct your state and local taxes on your individual tax return. The 2017 Tax Cut and Jobs Act imposed a deduction limit of $10,000 of state and local taxes on your personal tax return. This has been referred to as