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.
JAHPCCPA.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.
Start your week on the right foot with Monday Motivation from Jeffrey A. Hirsch P.C.
Jeffrey A. Hirsch P.C. - Some Friday tax knowledge for our friends and colleagues.
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.
JAHPCCPA.COM
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.
JAHPCCPA.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.
JAHPCCPA.COM
There is More to Deducting Health Insurance than Meets the Eye
Transform your life. Wednesday Wisdom from Jeffrey A. Hirsch P.C.
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.
JAHPCCPA.COM
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.
Jeffrey A. Hirsch P.C. - Some Monday Motivation for our friends and colleagues.
Learn about taxes from your friends at Longmeadow based Jeffrey A. Hirsch P.C..
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.
JAHPCCPA.COM
Renting Your Home or Vacation Home for Short Periods
Tap into your full potential. Wednesday Wisdom from Jeffrey A. Hirsch P.C.
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.
JAHPCCPA.COM
IRS Releases Inflation Adjustments for 2021
Make your Monday great with this motivation from Jeffrey A. Hirsch P.C.
Jeffrey A. Hirsch P.C. - Some Friday tax knowledge for our friends and colleagues.
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.
JAHPCCPA.COM
Is That Inheritance Taxable?
Let's get the weekend started. Friday from Jeffrey A. Hirsch P.C.
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.
JAHPCCPA.COM
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.
Midweek Wednesday Wisdom from Jeffrey A. Hirsch P.C.
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.
JAHPCCPA.COM
2021 Standard Mileage Rates Announced
Start your week on the right foot with Monday Motivation from Jeffrey A. Hirsch P.C.
Waiting for a tax refund and it never arrives? It may be because you have outstanding federal or state debts. Learn how to be more proactive about debt payments to get money returned to your bank account.
Let's get the weekend started. Friday from Jeffrey A. Hirsch P.C.
Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such purchases.
JAHPCCPA.COM
You Can Expense Business IT Purchases
Have a genius business idea? Not so fast. Before diving right in, be sure to consider these 3 areas: your audience, your competition, and your financial feasibility.
JAHPCCPA.COM
How to Evaluate Your Business Idea Before Diving In
Here are the April 2021 business due date reminders:
JAHPCCPA.COM
April 2021 Business Due Dates
Tap into your full potential. Wednesday Wisdom from Jeffrey A. Hirsch P.C.
