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Sixty-one million adults and over 12.6 million children in the United States have some type of disability.  If you have a disabled or blind child or other family member, or are disabled or blind yourself, you should know about ABLE accounts. These tax-advantaged accounts can be a real game...

If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The decedent’s medical expenses provide you with planning opportunities to deduct as itemized deductions (subject to the 7.5 percent floor) not only the medical expenses...

Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Q. Who says that? A. The IRS. Q. Show me where they say that! In IRS Publication 587, the IRS says this: ...

As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But...

Billions of dollars in grants are being doled out to individuals and businesses in the wake of the COVID-19 pandemic. The recently enacted second stimulus bill has increased these grants, including $25 billion in rental assistance for individuals, a new round of Small Business Administration (SBA) Economic Injury Disaster...

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.”  Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free?  If you do, read...

If you received an initial PPP loan, you can qualify for a second round (called a “second draw”) of PPP tax-free money.  To qualify for the second-draw PPP money, you must have 300 or fewer employees; have suffered a 25 percent or greater loss in revenue during at least...

Good news. The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because...

The Ponzi scheme is an investment fraud where the schemer uses invested money to create fake investment returns.  According to an article at CNBC.com, authorities uncovered 60 alleged Ponzi schemes last year involving a total of $3.25 billion in investor funds—the highest amount since around the time of the...

College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. Tax law has provisions to help you cover the costs, including Coverdell, Section 529 savings, and Section 529 tuition plans.  Contribute to a Coverdell Education Savings Account...

If a loved one passes away and you serve as the executor or inherit assets, you need to consider your duties and so some tax planning.  Filing the Final Form 1040 for Unmarried Decedent If the decedent was unmarried, an initial step is to file his or her final...

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is now ready to go after...