The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
GREGOBRIENCPA.COM
Keeping Your Designated IRA Beneficiary Current is Important
The tax filing extension deadline, October 15th, is just around the corner. Here is a quick reminder of what you need to know.
Here's some motivation for your Monday from Greg O'Brien CPA PC
Greg O'Brien CPA PC has a fun tax fact to share with you.
No matter what the reason for your move may be, it's important to be aware of the implications for your taxes when you relocate to a new state. In this article, learn more about establishing residency, part-year tax returns, and more.
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How to File Taxes After Moving to a New State
If you have lost your job, there are a number of tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances.
GREGOBRIENCPA.COM
Tax Consequences of Losing Your Job
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
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There is More to Deducting Health Insurance than Meets the Eye
Some Wednesday Wisdom from your friends at Boston based Greg O'Brien CPA PC
The SBA has released yet another simplified application for PPP loan forgiveness: SBA Form 3508S. This form can only be used if the total PPP loan amount received by the borrower from their lender was $50,000 or less.
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The SBA Issues a Simplified PPP Loan-Forgiveness Application
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
Greg O'Brien CPA PC - Some Monday Motivation for our friends and colleagues.
Some insider tax knowledge from Greg O'Brien CPA PC.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
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Renting Your Home or Vacation Home for Short Periods
Transform your life. Wednesday Wisdom from Greg O'Brien CPA PC
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.
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IRS Releases Inflation Adjustments for 2021
Greg O'Brien CPA PC has the motivation you need to get going this Monday.
For those who love learning: here's a tax fact from Greg O'Brien CPA PC.
A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.
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Is That Inheritance Taxable?
Here's your tax fact of the week from your friends at Greg O'Brien CPA PC.
Great news for 2021 and 2022 only. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 allows businesses to deduct 100%, instead of just 50%, of business meal expenses meeting certain requirements.
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Increased Business Meal Deductions for 2021 and 2022
Are you planning to buy your first home, upgrade from your existing one, or refinance your mortgage? Let's take a look at some tax advantages and drawbacks of homeownership.
Here is some midweek Wednesday Wisdom inspiration from your friends at Greg O'Brien CPA PC
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. However, you may find it in your best interest to keep track of actual expenses for 2021.
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2021 Standard Mileage Rates Announced
It's go time! Boston based Greg O'Brien CPA PC has some motivation for you today.
Here's your tax fact of the week from your friends at Greg O'Brien CPA PC.
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
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Employee Retention Credit Extended
Wednesday Wisdom and Greg O'Brien CPA PC = Success
The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.
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Interaction between PPP Loans and the Employee Retention Credit
Start your week on the right foot with Monday Motivation from Greg O'Brien CPA PC
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
