Can You Deduct 2024 Bonuses This Year?
© 2023 Businesses may be familiar with the rule that permits them to deduct employee bonuses this year if they pay them to employees within 2½ months after the end of...
13 November, 2023
tax deduction Tag
Are You Liable For “Nanny Taxes”?
If you employ a household employee of any kind — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers, and other employees — it’s important to understand your...
30 May, 2023
Tax Advice for Owning a Second Personal Use Home or Rental Property
Authored by: Gregory M. Ward, CPA, Haynie & Company Tax Manager Tax Advice for Owning a Second Personal Use Home Second home ownership can provide an array of benefits. The home can...
17 October, 2022
IRS Clarifies Temporary Deductibility of Per Diem Meal Expenses
(authored by RSM US LLP) The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant....
18 November, 2021
IRS Provides Guidance on Business Meal Deductions
(authored by RSM US LLP) Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act....
09 April, 2021
Enhanced Charitable Deductions Extended for Individuals Through 2021
(authored by RSM US LLP) Stimulus legislation extends through 2021 the 100% of AGI deduction for itemizers and availability of a deduction for non-itemizers....
24 February, 2021
2020 COVID Relief Affecting Individual Taxpayers
Tax Season is here. Before you gather and submit your 2020 tax information, here are a few things you need to know. Below is an overview of key provisions in...
26 January, 2021
Deductibility of PPP Loan Expenses
IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...
23 November, 2020