How to Create a Realistic Budget
A budget is one of the most important financial tools in your arsenal, but budgeting isn’t one size fits all. In order to be successful, your budget should reflect your …
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Businesses Can Temporarily Deduct 100% of Food or Beverage Expenses
WASHINGTON, D.C — The Treasury Department and the Internal Revenue Service recently issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020.
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Educators Can Now Deduct Out-of-Pocket Expenses for COVID-19 Protective Items: IRS
WASHINGTON, D.C. — Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom, announced the Internal Revenue Service. COVID-19 protective items …
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Employers Can Withhold, Make Payments of Deferred Social Security Taxes From 2020
WASHINGTON, D.C. — The Internal Revenue Service this week released Notice 2021-11 addressing how employers who elected to defer certain employees’ taxes can withhold and pay the deferred taxes throughout …
Read MoreIRS Issues Final Regulations on the Deduction for Meals and Entertainment
WASHINGTON, D.C. — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).
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IRS Reminds Taxpayers of the Home Office Deduction Rules
WASHINGTON, D.C. — During the recent Small Business Week, the Internal Revenue Service reminded individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers …
Read MoreIRS Issues Final Regulations and Other Guidance on Business Interest Expense Deduction Limitation
WASHINGTON, D.C. — The Internal Revenue Service issued final regulations regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory …
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