Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses. http://ow.ly/iMys50Bk8Qh
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Back-to-school tax breaks on the books
Depreciating assets involves a complex area of tax law with implications for transactions other than simple asset acquisitions. Here’s a rundown of some important points about 100% bonus depreciation. http://ow.ly/jUm650Bk8Jq
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5 key points about bonus depreciation
After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement. Here are the rules. http://ow.ly/EtB450Bk8pV
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Will You Have to Pay Tax on Your Social Security Benefits?
If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses. http://ow.ly/r4qw50Bk8eF
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CARES Act made changes to excess business losses
Tax liabilities don’t go away if left unaddressed. Here’s a look at what happens in the event you (or someone you know) can’t pay taxes on time. http://ow.ly/qtgw50B3qOB
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What happens if an individual can’t pay taxes
Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue. http://ow.ly/7T0v50B3qoO
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The possible tax consequences of PPP loans
Are you an investor or a trader? While trader status is difficult to achieve, if a taxpayer qualifies, he or she can deduct investment-related expenses. http://ow.ly/C8Jo50BLzkm
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Can investors who manage their own portfolios deduct related expenses?
Your business likely has a website. How do you treat the costs involved in developing your site for tax purposes? Here are the general rules. http://ow.ly/HPkY50BLzeU
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Business website costs: How to handle them for tax purposes
Infographic: Are slow-paying customers gumming up your works? Try these tips.
Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications. http://ow.ly/wFj450BLyIH
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Tax implications of working from home and collecting unemployment
With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines. http://ow.ly/D8qm50BLyyC
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2020 Q4 tax calendar: Key deadlines for businesses and other employers
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral. http://ow.ly/4vGd50BLyi7
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Employers have questions and concerns about deferring employees’ Social Security taxes
Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your nest egg. http://ow.ly/lxsl50Ci77M
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New business? It’s a good time to start a retirement plan
Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines. http://ow.ly/ovQC50Ci7gT
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What tax records can you throw away?
Planning to buy or sell mutual fund shares? Here are some tax hazards to avoid. http://ow.ly/QbBr50BZiku
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Buying and selling mutual fund shares: Avoid these tax pitfalls
Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021. http://ow.ly/R0ZR50BZicG
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The 2021 “Social Security wage base” is increasing
Filing your tax return early will get you any refund early and may protect you from tax identity theft. Here’s why. http://ow.ly/zmSd50Di9nP
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One reason to file your 2020 tax return early
Changes have been made to education tax breaks in the new Consolidated Appropriation Act. http://ow.ly/5CMU50Di9do
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Educate yourself about the revised tax benefits for higher education
Fun fact: How much did Americans save in 2020?
Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rules, as well as the tax implications. http://ow.ly/9xJe50Di9gU
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PPP loans have reopened: Let’s review the tax consequences
A filing requirement is coming up if your business pays independent contractors or makes other payments. http://ow.ly/bMpk50Di95I
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The new Form 1099-NEC and the revised 1099-MISC are due to recipients soon
As we wind down 2020, be aware that December 31 is an important date when it comes to filing your tax return. Whether you’re married or unmarried on that date will affect how you file. Check out the 5 federal tax filing statuses and who can claim them. http://ow.ly/ibIH50CXca2
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Your taxpayer filing status: You may be eligible to use more than one