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After you file your tax return: 3 issues to consider
- Jul 07, 2020
- By Dukhon Tax
- In Income Tax
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown away You should keep tax…
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Re-evaluate your company’s competitiveness in a changed economy
- Jun 22, 2020
- By Dukhon Tax
- In Business
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may have lost an edge that previously…
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PPP Flexibility Act eases rules for borrowers coping with COVID-19
- Jun 22, 2020
- By Dukhon Tax
- In COVID-19, Tax Tips
As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 employees. In its initial incarnation,…
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If you’re selling your home, don’t forget about taxes
- Jun 19, 2020
- By Dukhon Tax
- In Tax Planning, Tax Tips
Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median existing-home price in April was…
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Good records are the key to tax deductions and trouble-free IRS audits
- Jun 19, 2020
- By Dukhon Tax
- In Tax Tips
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported…
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Rioting damage at your business? You may be able to claim casualty loss deductions
- Jun 12, 2020
- By Dukhon Tax
- In Business, Business Taxes
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage was especially devastating because businesses…
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Seniors: Can you deduct Medicare premiums?
- Jun 12, 2020
- By Dukhon Tax
- In Tax Planning
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify for a tax break for…
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A nonworking spouse can still have an IRA
- Jun 08, 2020
- By Dukhon Tax
- In Tax Planning, Tax Tips
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” IRA. It allows a contribution…
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Does your company have an emergency succession plan?
- Jun 08, 2020
- By Dukhon Tax
- In Business
For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this way. As the coronavirus (COVID-19) pandemic has made…
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Student loan interest: Can you deduct it on your tax return?
- Jun 03, 2020
- By Dukhon Tax
- In Student Taxes, Tax Planning, Tax Tips
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making monthly payments. This payment suspension…