deduction

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Impacted by a Ponzi scheme? You might be able to deduct the loss faster

In early January 2024, the IRS updated the post titled Help for Victims of Ponzi Investment Schemes which makes references to the 2009 related guidance. Note that this guidance was released a year after the Bernard Madoff scandal. In a normal case scenario if you have a loss in the value of a security (capital

Do not follow tax advice from TikTok influencers – Augusta rule

A few months back, I was giving a small training for small businesses in LAEDA's office in Camden, New Jersey. While going over my presentation, I try to make it interactive and allow participants to ask questions on the topic being discussed or similar ones (at the end, there is always a Q&A portion for

By |2023-09-08T03:13:48+00:00September 8th, 2023|Categories: Business, Individuals|Tags: , , , , , , |

More and more States adding a Pass Through Entity Level tax

Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).

By |2023-08-07T17:26:49+00:00August 10th, 2023|Categories: Business, Individuals|Tags: , , , , , , , , , , , |

IRS tips on home office deductions

In the Tax Tip 2022-10, the IRS listed some of the rules and tips to deduct your home office. Note that to claim the home office deduction, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. In some cases, if

By |2022-03-05T03:33:27+00:00February 2nd, 2022|Categories: Business|Tags: , , , , , , , , , |

Home office deduction – Is your home the principal place of business?

In the IRS Tax Tip 2021-136, the IRS reminds small business owners how to qualify for the home office deduction. Employees are not eligible to claim the home office deduction. The home office deduction, reported on Form 8829, is available to both homeowners and renters. There are certain expenses taxpayers can deduct. They include mortgage

By |2021-09-23T21:48:38+00:00September 23rd, 2021|Categories: Business|Tags: , , , , |

Extended tax benefits for charity during 2021; deductions up to $600 cash donations by non-itemizers

In the IRS Issue Number: IR-2021-190, there are some updates for those taxpayers giving to charity in 2021. Some of these updates are below: Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law

By |2021-09-21T00:02:43+00:00September 21st, 2021|Categories: Individuals|Tags: , , , , , |
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