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Corporate Tax Return Prep

Corporate Tax Return Prep

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Deductions

Higher Income Individuals Beware

October 6, 2021 by Alex Franch, BS EA

The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes. A full list of proposed changes is available from the PDF file titled Responsibly Funding Our Priorities.

Filed Under: Deductions, Itemized Deductions Tagged With: income tax, IRA, tax changes

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Tax Deductions Related to Charity Auctions

July 14, 2021 by Alex Franch, BS EA

It is common practice for charities to hold auction events where attendees will bid upon and purchase items. The questions often arise whether (1) the money spent on the items purchased constitutes a charitable donation and (2) what kind of charitable deduction the individual who contributed the item is entitled to. The answer to the […]

Filed Under: Deductions Tagged With: auctions, charity, charity auctions, donations

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Charitable Contributions Deduction Liberalized for 2021

February 10, 2021 by Alex Franch, BS EA

As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those itemizing their deductions to increase the maximum deduction for cash contributions to 100% of their adjusted […]

Filed Under: Deductions, small business, Tax Deductions Tagged With: charitable contributions

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Employee Holiday Gifts May Be Taxable

December 16, 2020 by Alex Franch, BS EA

It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis fringe benefit. As such, it would […]

Filed Under: Business Expense, Deductions Tagged With: de minimis benefits, holiday gifts

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There is More to Deducting Health Insurance than Meets the Eye

November 18, 2020 by Alex Franch, BS EA

Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions when itemizing deductions, only the amount of total medical expenses that exceeds 7.5% of […]

Filed Under: Business Expense, Deductions, Tax Planning Tagged With: health insurance, living trust

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IRS Guidance: PPP Loan Expenses Not Tax-Deductible

May 7, 2020 by Alex Franch, BS EA

Are PPP Loan Expenses Tax-Deductable? The IRS is giving guidance on the Payroll Protection Program loan expenses and the deduction treatment in question. On April 30th, the IRS released guidance announcing that expenses relating to Paycheck Protection Program forgivable loans will not be tax-deductible. Cares Act and Payroll Protection Program Loan Expenses The Paycheck Protection […]

Filed Under: business, Deductions, Tax Changes, Tax Planning Tagged With: Covid-19, PPP Loan Expenses

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