Home Sale Gain Exclusion The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need not … [Read more...]
Personal Disaster Loss Deduction
Personal Disaster Loss Deduction We seem to be living in an age of natural disasters. Floods, fires, hurricanes, tornados, and other disasters often dominate the news. If a personal disaster strikes you, the tax law may help. When defined as such by the tax code, a personal disaster loss may … [Read more...]
Meals & Entertainment Tax Deductions
Meals & Entertainment Remember the Tax Cuts and Jobs Act (TCJA) largely eliminated the deduction for entertainment expenses paid or incurred after 12/31/17, but left intact certain exceptions. The IRS has now issued final regulations largely follow proposed regulations issued in February 2020 … [Read more...]
Home Office Tax Deduction in the COVID Era
Home Office Tax Deduction The Internal Revenue Service recently stated that it wants individuals to consider taking the home office tax deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. This is especially true now that we … [Read more...]
Dear Doctor: Is Now The Time For You To Make a Roth IRA Conversion?
For years, financial and tax advisors have lectured about the wonderfulness of a Roth IRA and why you should convert traditional IRAs into Roth accounts. But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing. For many, the financial fallout from the COVID-19 crisis … [Read more...]
Expenses Paid With Forgiven PPP Loan Proceeds Not Deductible
Medical Practice Tax News - COVID-19 The Paycheck Protection Program (PPP) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses. PPP loans can later be forgiven if the employer retains its employees and … [Read more...]