There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS is […]
Tax Problems
How to Address Rising Tax Problems During COVID-19
COVID-19 has touched nearly every aspect of the lives of every American. It has even affected finances for most Americans as well, creating waves of economic stress. It will have some tax implications that many people have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean […]
What Does PPP Loan Forgiveness Mean to You?
PPP Loan Forgiveness May Not Be What You Expect What did you expect when PPP brought up the term “foregiveness?” Now that you have gotten a Paycheck Protection Program loan (PPP), it is time to start planning how to spend the loan proceeds so some portion of it will be forgiven. PPP Loan Terms As […]
Who is Responsible for Massachusetts Tax Filing
Massachusetts tax filing applies for those who work in Massachusetts Did you work in Massachusetts last year? Massachusetts tax filing applies to you. Therefore, you must file a Massachusetts income tax return on all gross income $8000 or more. Income can be from a job you hold, interest earned on savings, social security, winnings from […]
12 Common Tax Problems to Avoid
There are 12 common tax problems to avoid in order to succeed in your business. These issues also overlap to individual taxpayers as well. Here are specific steps you should take to help ease the struggle. These are 12 of the most common tax issues that people report each year.
Year-End Tax Planning is Not Business as Usual; Things You Need to Know # 2
With Tax Reform in 2018, there are significant changes for both individuals and businesses. If you remember, we told you about how the IRS has to create or revise approximately 450 forms, publications and instructions. Also, the IRS has to modify around 140 information technology systems to make sure it can accommodate the new tax forms. This will include writing tax regulations for all of these changes – a daunting task for sure. The following are issues that could affect your or you personally. So you may need to plan for these tax changes.