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Tax-Smart College Savings Strategies for Parents

Tax-Smart College Savings Strategies for Parents

Jan 28, 2021 | Income Tax

College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529...
Four Things to Know When Hiring Your Spouse

Four Things to Know When Hiring Your Spouse

Jan 21, 2021 | Income Tax

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your...
The IRS Goes Easy on Taxpayers Who Owe Back Taxes

The IRS Goes Easy on Taxpayers Who Owe Back Taxes

Jan 19, 2021 | Income Tax

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is...
New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses

Jan 14, 2021 | COVID-19

From what we know, when lawmakers originally passed the PPP they thought that under its provisions, • you did not pay taxes on the forgiveness amount, and • you also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued...