5 Tax Considerations for Self-Employed Individuals By: Stacey Nickens Deciding to become your own boss can be incredibly meaningful and freeing. As a self-employed person, you have much more control over your day-to-day schedule, your business structure, and so much more. At the same time, costs that were previously covered by an employer now [...]
IRS Raises Mileage Rates Due to Rising Gas Prices By: Stacey Nickens This summer, I've sat around many a dinner table, bemoaning the rise in gas prices. Many of us have seen our gas bills rise astronomically. Luckily, if you use your car for business, the IRS has recognized the rise in gas prices [...]
Should I retain my mortgage to claim the mortgage-interest deduction? By: Stacey Nickens Every tax season, I hear many versions of the above question. Clients ask if they should spend more through their business or take on a larger mortgage in order to save on taxes. While you should consider the tax implications of [...]
9"Above-the-Line" Deductions for Your 2021 Return By: Stacey Nickens Taxpayers often ask me about deducting mortgage interest payments or medical expenses. However, many taxpayers do not claim these popular deductions because it is more beneficial for them to take the standard deduction. On 2021 returns, the standard deduction is $12,550 for single filers and [...]
Standard Deduction and Income Thresholds Increasing in 2022 By: Stacey Nickens This past week, the IRS announced the 2022 tax brackets. With inflation on the rise, the IRS has raised the income thresholds for each tax bracket as well as the size of the standard deduction. Both tax brackets and the standard deduction will [...]
IRS Releases 2022 Retirement Account Contribution and Contribution Deduction Limits By: Margaret Nickens The IRS released the 2022 contribution limits and deduction income limits for IRAs, 401(k)s, and other retirement accounts. While there's some disappointing news in the batch, there's definitely some increases to celebrate. The Bad News The IRS is not increasing contribution [...]
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 [...]
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 [...]
Your 2020 Tax Document Checklist By: Stacey Nickens As I have written about before, it is important to get your tax return completed as soon as possible. You have until April 15 to file your return. However, the IRS has already said that there will be delays in sending out refunds. Earlier tax preparers [...]
3 Ways to Donate from an Investment Account By: Stacey Nickens There's nothing quite like waking up on Christmas morning, presents stacked high under your tree. However, the giving season is never quite complete without giving back to the broader community. This year, consider three different strategies for giving from your investment accounts. These [...]
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