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4 Above-the-Line Deductions for Taxpayers Who Don’t Itemize

2021-03-08T18:16:06-05:00March 8th, 2021|Blog|

4 Above-the-Line Deductions for Taxpayers Who Don't Itemize By: Stacey Nickens The 2017 tax reform legislation increased the standard deduction, such that few taxpayers itemize their deductions. In 2020, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Few taxpayers will accumulate enough individual deductions to exceed the standard deduction and [...]

Tax Tips When Caring for Elderly Parents or Grandparents

2021-03-05T16:35:16-05:00March 5th, 2021|Blog|

Tax Tips When Caring for Elderly Parents or Grandparents By: Stacey Nickens Caring for an elderly relative can be both rewarding and challenging. Spending extra time with a loved one may come with significant expenses, including care expenses. If you are responsible for financially caring for an elderly relative, you may be able to claim [...]

How Filing Your Tax Return Early (Or Late) Could Impact Your Stimulus Check

2021-03-01T16:29:14-05:00March 1st, 2021|Blog|

How Filing Your Tax Return Early (Or Late) Could Impact Your Stimulus Check By: Stacey Nickens Tax season kicked off on February 12, and as of late February, the IRS had already received 21% more individual returns than on the same day in 2020. While some are waiting to see if the tax deadline is [...]

Tax & Funding Provisions in the Proposed Stimulus Package

2021-02-26T14:39:47-05:00February 26th, 2021|Blog|

Tax & Funding Provisions in the Proposed Stimulus Package By: Stacey Nickens The House is expected to pass a $1.9 trillion coronavirus relief package today, after which the legislation will head to the Senate for approval. Beyond providing additional stimulus, the package includes an increase in the child tax credit, additional funding for small business [...]

Building Healthy Financial Habits

2021-02-22T16:07:47-05:00February 22nd, 2021|Blog|

Building Healthy Financial Habits By: Stacey Nickens While building habits can be challenging, healthy habits are necessary for our well-being. Habits reduce the amount of decisions we have to make in a day and thus free up brain space to work on more important projects. For example, we build a habit of brushing our teeth [...]

Positions I’m Watching: PayPal

2021-02-19T15:35:38-05:00February 19th, 2021|Blog|

Positions I'm Watching: PayPal By: Stacey Nickens Due to the pandemic, more people are shopping online rather than in store. As a result, the online payment industry has seen a big increase in demand. The online payment platform, PayPal, has accordingly benefited, and its stock has grown over 50% during the past three months. PayPal [...]

Understanding Georgia’s Retirement Income Exclusion

2021-02-15T14:23:20-05:00February 15th, 2021|Blog|

Understanding Georgia's Retirement Income Exclusion By: Stacey Nickens In Georgia, retirees and older individuals can shelter some of their income from state taxation. This retirement income exclusion is available to state residents who are 62 years and older as well as some disabled taxpayers. Georgia's retirement income exclusion allows qualified taxpayers to exclude certain forms [...]

Can you claim the home office deduction on your 2020 tax return?

2021-02-12T11:47:01-05:00February 12th, 2021|Blog|

Can you claim the home office deduction on your 2020 tax return? By: Stacey Nickens Due to the pandemic, many of us spent most or all of the year working from home. There are certainly benefits from using your home as an office. You can wear comfy clothes to work. You don't have to deal [...]