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.
HKCPAS.NET
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.
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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.
HKCPAS.NET
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.
HKCPAS.NET
Tax Consequences of Losing Your Job
U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.
HKCPAS.NET
Foreign Account Reporting Due October 15
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.
HKCPAS.NET
There is More to Deducting Health Insurance than Meets the Eye
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.
HKCPAS.NET
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.
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Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
HKCPAS.NET
Gambling and Tax Gotchas
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
CNBC.COM
Trump says he's calling off stimulus negotiations with Democrats 'until after the election'
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.
HKCPAS.NET
Renting Your Home or Vacation Home for Short Periods
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.
HKCPAS.NET
IRS Releases Inflation Adjustments for 2021
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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.
HKCPAS.NET
Is That Inheritance Taxable?
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
HKCPAS.NET
Don't Miss the Opportunity for a Spousal IRA
Make your Monday great with this motivation from HK Associates
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.
HKCPAS.NET
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.
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.
HKCPAS.NET
2021 Standard Mileage Rates Announced
HK Associates - Some Monday Motivation for our friends and colleagues.
Many individuals are taking advantage of the historically low home-loan interest rates to buy their first home, sell their existing home to move up to a more expensive one, or refinance their existing mortgage. Some who currently own their homes free and clear are even taking out loans to lock in the low interest rates.
HKCPAS.NET
What Are the Tax Advantages of Home Ownership?
After several months of the Republicans and Democrats bickering, they have finally passed COVID-related tax relief and the President has signed the bill.
HKCPAS.NET
Finally, The COVID Relief Package Is Law
What a great review. Thank you for the kind words. Our #tax and #accounting team are here when you need us. You can view this review at: https://www.taxbuzz.com/find-the-best-cpa/california/simi-valley/harjot-khangura/reviews
PPP loans, payroll tax deferrals, the CARES Act, remote work - all of these are major topics to keep in mind as you file your 2020 business tax return. Here's a full breakdown.
HKCPAS.NET
4 Questions Business Owners Should Consider During the 2020 Tax Season
It's tax time, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax return. The task is never easy, but the effort usually pays off in the extra taxes you save! When you are fully prepared for your appointment, you'll have more time to explore additional deductions and consider a tax plan for the future.
HKCPAS.NET
Tax Time is Around the Corner! Are You Ready?
HK Associates - Some Monday Motivation for our friends and colleagues.
December's COVID Tax Relief Act provided more than extended unemployment relief and stimulus payments. See a summary of the benefits and if any of them applies to you.
IRS opens up the use of ID verification tax filing numbers to taxpayers nationwide as a means of protection against filing fraud. These numbers must be applied for and identities verified before issuance.
HKCPAS.NET
IRS Offers New Identity Protection for Taxpayers
