Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
When it comes to taxes, members of the military often have unique circumstances. IRS.gov has info on several topics that affect current and former military personnel, as well as their families. Here are resources where people can go to find more information.
US Military Member Tax Tips Read More »
The home office deduction can help small business owners save money on their taxes.
Small Business Home Office Deduction Read More »
The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year.
401k Contribution Limits for 2020 Read More »
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
What Teachers Should Know About Deducting Out-of-Pocket Classroom Expenses Read More »
When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them.
Know Your Filing Status Read More »
One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when working with a spouse, parent or child.
Tax Treatment for Family Members Working in the Family Business Read More »
Genetic testing added to growing list of deductible expenses In recent years when presented with the opportunity, the Internal Revenue Service (IRS) has identified a number of expenses as qualifying medical expenses for purposes of the itemized deduction for medical expenses or for qualified distributions from health savings accounts or flexible spending accounts.
Medical Expense Deduction for Genetic Testing Read More »
The Internal Revenue Service announced today the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
IRS Settlement for Micro-Captive Insurance Schemes Read More »
The Internal Revenue Service announced the opening of the application period for the 2020 Compliance Assurance Process (CAP) program.
IRS Expands the Compliance Assurance Process for 2020 Read More »
The Treasury Department and the Internal Revenue Service released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
Business Depreciation Ruling from the IRS Read More »