Make your Monday great with this motivation from Steve Shapiro EA
End of week tax fact from Steve Shapiro EA
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.
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Tax Consequences of Losing Your Job
Wednesday Wisdom from your friends at Steve Shapiro EA
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.
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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.
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There is More to Deducting Health Insurance than Meets the Eye
Wednesday Wisdom and Steve Shapiro EA = Success
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.
It's go time! St. Charles based Steve Shapiro EA has some motivation for you today.
Here is a fun fact for your Friday from Steve Shapiro EA.
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
Midweek Wednesday Wisdom from Steve Shapiro EA
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
Steve Shapiro EA - Some Monday Motivation for our friends and colleagues.
Steve Shapiro EA - 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.
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Is That Inheritance Taxable?
End of week tax fact from Steve Shapiro EA
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.
Tap into your full potential. Wednesday Wisdom from Steve Shapiro EA
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
Start your week on the right foot with Monday Motivation from Steve Shapiro EA
The Employee Retention Credit has been extended through June 30, 2021, and significantly liberalized.
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Employee Retention Credit Extended
Transform your life. Wednesday Wisdom from Steve Shapiro EA
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
It's go time! St. Charles based Steve Shapiro EA has some motivation for you today.
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.
For those who love learning: here's a tax fact from Steve Shapiro EA.