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5 possible tax aspects of a parent moving into a nursing home
- Aug 10, 2021
- By Dukhon Tax
- In Business, Financial Planning, Retirement, Tax Planning, Tax Tips
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical expenses, exceed 7.5% of adjusted…
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Traveling for business again? What can you deduct?
- Jun 30, 2021
- By Dukhon Tax
- In Business, Business Taxes, Tax Planning, Tax Tips
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are several rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note that under the Tax Cuts and Jobs…
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Don’t assume your profitable company has strong cash flow
- Jun 29, 2021
- By Dukhon Tax
- In Business, Student Taxes, Tax Advice, Tax Planning, Tax Tips
Most of us are taught from a young age never to assume anything. Why? Well, when you assume you make an … you probably know how the rest of the expression goes. Many business owners make a dangerous assumption that if their companies are profitable, their cash flow must also be strong. But this isn’t always the case. Taking a…
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Tax-favored ways to build up a college fund
- Jun 28, 2021
- By Dukhon Tax
- In Business, Student Taxes, Tax Advice, Tax Planning, Tax Tips
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible families when used to finance…
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2021 Q3 tax calendar: Key deadlines for businesses and other employers
- Jun 25, 2021
- By Dukhon Tax
- In Business, Quarterly Tax Reminder, Tax Advice, Tax Planning, Tax Tips
Here are some key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so that additional deadlines may apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Monday, August 2 Employers report income tax withholding and FICA…
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Still have questions after you file your tax return?
- May 21, 2021
- By Dukhon Tax
- In Income Tax, Individual Tax, Tax Advice, Tax Deductions, Tax Filing Deadlines, Tax Planning, Tax Tips
Still have questions after you file your tax return? Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an…
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Home sales: How to determine your “basis”
- Apr 16, 2021
- By Dukhon Tax
- In Tax Planning
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most other home ownership costs can’t be deducted currently. However, these…
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Why do partners sometimes report more income on tax returns than they receive in cash?
- Sep 14, 2020
- By Dukhon Tax
- In Tax Planning, Tax Tips
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the way partnerships and partners are taxed. Unlike regular corporations,…
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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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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…