During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the
Victor Dozzi
Mar 2, 2021
If you run a business from home, you could qualify for home office deductions
- By Victor Dozzi
- Business, Taxes
- 0 Comments
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Feb 24, 2021
What are the tax implications of buying or selling a business?
- By Victor Dozzi
- Business
- 0 Comments
Merger and acquisition activity in many sectors slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you’re considering buying or selling another business, it’s important to understand the tax implications. For tax purposes, a transaction can basically be structured in two
Feb 18, 2021
2021 individual taxes: Answers to your questions about limits
- By Victor Dozzi
- Taxes
- 0 Comments
Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that
Feb 11, 2021
New revenue idea? Watch out for the commerciality doctrine
- By Victor Dozzi
- Non-Profit
- 0 Comments
The commerciality doctrine was created to address concerns over not-for-profits competing at an unfair tax advantage with for-profit businesses. Even business activities related to your nonprofit’s exempt purpose could cause you to lose your tax-exempt status. Courts consider several factors, including whether you sell to the general public, set prices to maximize profits, use promotional
Feb 9, 2021
Making an estate plan? How to avoid fraudulent transfers
- By Victor Dozzi
- Fraud
- 0 Comments
If you have an estate plan and also have creditors, you could inadvertently be a fraud perpetrator. That’s because creditors may challenge trusts and other estate strategies as fraudulent transfers. There are two types: active and constructive. The latter is the greater threat for most people because there’s usually no fraud intent. It occurs when
Feb 3, 2021
Don’t make decisions without data analytics
- By Victor Dozzi
- Non-Profit
- 0 Comments
Data analytics can help your organization validate trends, uncover root causes and improve transparency. For example, analysis of certain fundraising data makes it easier to target those individuals most likely to contribute to your nonprofit. Data analytics can also help develop useful insights, connections and patterns that lead to more informed decision making. Although some
Jan 28, 2021
Educate yourself about the revised tax benefits for higher education
- By Victor Dozzi
- Taxes
- 0 Comments
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to
Jan 21, 2021
Can your business benefit from the enhanced Employee Retention Tax Credit?
- By Victor Dozzi
- Business, Taxes
- 0 Comments
COVID-19 has caused widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which was extended and enhanced in the latest law. Under the CARES Act, the credit only covered wages paid between March 13, 2020, and Dec. 31, 2020. The new law extends the covered
Jan 19, 2021
New year, new fraud to watch out for
- By Victor Dozzi
- Fraud
- 0 Comments
Whew, you made it through 2020! But don’t rest easy yet. Unfortunately, fraud perpetrators enjoyed a profitable year, and there are signs they may continue to feed off Americans as long as the pandemic is active. Here are several scams to watch for in 2021. PPP fraud Struggling small-business owners have welcomed last month’s 11th
Jan 13, 2021
Make your legacy last by educating your children about wealth management
- By Victor Dozzi
- Estate
- 0 Comments
If you’ve worked to build a large estate, you probably would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. One strategy is to introduce incentives while remaining flexible by using an incentive trust. This