Can You Deduct 2024 Bonuses This Year?
© 2023Businesses 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
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
Summary on Meal and Entertainment Tax Deductions
On Sept. 30, 2020, the IRS issued final regulations that provide guidance for meal and entertainment deductions under section 274 of the Internal Revenue Code. The following is a general...
03 November, 2020
CARES Act Expands Donation Deductions
In most cases, charitable gifts are deducted by taxpayers who itemize. Those donations are claimed on Schedule A of their annual tax return. However, this year, the Coronavirus Aid, Relief...
18 September, 2020
Employers, Don’t Miss Out on the Work Opportunity Credit
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a...
05 August, 2020
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