By month: August 2021

Don’t Miss Out on the Employee Retention Credit

You likely qualify for the employee retention credit. It has the potential to really help you. The credit is up to $5,000 per employee during 2020 and up to $28,000 per employee in 2021. That’s $33,000 per employee. With 10 employees, that could total $330,000.

Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency

How would you like a capital loss storage box that you could call on when you have capital gains that you want eliminated? Your cryptocurrency holdings can create that capital loss storage box without changing the nature of your holdings, as we explain in this article.

PDF Download: Guide to Deducting Meals and Entertainment in 2021-2022

As a business owner, your expenses for business meals and entertainment for most of 2020 were likely little to zero due to COVID-19. But that will probably change for the remainder of 2021 and 2022. And with the new tax law changes, you need to make sure you know the rules so you can maximize your tax savings and deduct up to 100 percent of these expenses.

Know Why the Court Denied Losses on Four of Six House Rentals

When the government allows your rental property losses to offset your other income, it subsidizes your rental property profits. If tax law passive-loss rules deny your current rental losses, your profits go down. Therefore, you need to know how the passive-loss rules work so you can maximize your rental profits and avoid unpleasant visits with the IRS.

Refresher: Principal Residence Gain Exclusion Break (Part 1 of 3)

The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Although the tax code contains many rules on this tax break, most of them are easily understood, especially as we explain them in this article.

Payroll Taxes Embezzled; Owner Has Huge Business and Tax Problems

Do you own a business that withholds taxes from employees? If so, you need 100 percent assurance that the withheld payroll tax monies are going to the IRS and not into the pockets of an embezzler. This article explains how you can obtain such certainty.

Big Mistake: Filing Your Tax Return Late

What one mistake can you make with your taxes that will cause you to pay penalties of up to 47.5 percent? And when might that not even be the worst part? What could be worse than a 47.5 percent tax penalty? How about both the penalty and a full-blown IRS audit? That’s far worse.

Tax Savings for Married Taxpayers Claiming Section 179 Deductions

If you are married, you need to consider your spouse’s W-2 and other income sources in your Section 179 expensing eligibility. The inclusion of your spouse often enhances the amount you can deduct using Section 179 expensing, as we explain in this article.

2021 Tax Loss Nightmare: Return of the TCJA NOL Rules

The Tax Cuts and Jobs Act (TCJA) limited your ability to get immediate value from your net operating loss (NOL). While Congress gave you a break in the CARES Act—the

ugly TCJA NOL rules are back in tax year 2021. We’ll tell you the limits and how you can maneuver other tax positions to gain immediate value for your NOL.


[ View / Print full text of all articles in this issue ]