Do You Qualify for a Home Office Deduction?

Do You Qualify for a Home Office Deduction?

While you may be working from home due to the pandemic, you do not automatically qualify for a home office deduction. For example, if you work as an employee for a company (that’s not yours), you generally cannot claim the home office deduction.

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Tax Benefits Expanded for Your 2021 Charitable Donations

Tax Benefits Expanded for Your 2021 Charitable Donations

The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several deductions for individuals and businesses who give to charity. The law generally extends — through the end of 2021 — temporary tax changes originally enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here’s what you need to know:

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Higher Education Tax Credits Can Help Pay for College

Higher Education Tax Credits Can Help Pay for College

If you, your spouse or child attends a college, university, trade school or takes classes for an advanced degree, you know how expensive higher education can be. The good news is tax credits can help offset some of these costs. There are two credits available that can help you save money on higher education: the American Opportunity Tax Credit and the Lifetime Learning Credit.

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What to Consider When Choosing a Payroll Service Provider

What to Consider When Choosing a Payroll Service Provider

Payroll is just one checkbox on an often-overwhelming to-do list. But it’s an important task nonetheless. Your employees will be unhappy if they’re not paid correctly and on time. And you’ll be unhappy if you have to spend hours each week adding up timesheets, calculating pay and filing forms for each employee.

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Good Recordkeeping Leads to Smart Tax Planning

Good Recordkeeping Leads to Smart Tax Planning

While it may seem mundane, recordkeeping is an important chore. Gathering your tax documents throughout the year makes it easier to file your tax return the following year. And having an organized recordkeeping system overall makes it easier to understand any letters you may receive from the IRS.

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Selling Your Home? Here’s How It May Affect Your Taxes

Selling Your Home? Here’s How It May Affect Your Taxes

In this current seller’s market, you may be considering selling your first or second home. If so, keep in mind how selling your home may affect your tax return. When filing your taxes, you may qualify to exclude all or part of any gain from the sale from your income.

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American Rescue Plan Updates Employer Paid Sick & Family Leave Tax Credits

American Rescue Plan Updates Employer Paid Sick & Family Leave Tax Credits

Paid Sick & Family Leave Credits were enhanced under the American Rescue Plan (ARP), which was enacted in March. The credits reimburse small and mid-size employers (and certain governmental employers) for the cost of providing paid sick and family leave to their employees for reasons related to COVID-19, including vaccinations. The updates apply to leave taken from April 1 – September 30, 2021.

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