With an increase in individuals working from home, we have seen questions arising about home office tax deductions. It is important to distinguish the difference in deductions available to employees and those that are self-employed. Employees Under the Tax Cuts and Jobs Act (TCJA), employee business deductions, including home office tax deductions, were suspended through […]
How to Identify an IRS Scam
Receiving communication from the IRS can be stressful. Now thanks to scammers, we have to wonder if the communication is legitimate or an IRS scam. We must be vigilant in understanding how and when to respond to written IRS correspondence. If you receive mail from the IRS, they state: They will not demand a specific […]
50% Limit on Business Meal Deductions Removed for 2021 & 2022
To provide additional economic relief to the restaurant industry caused by the coronavirus (COVID-19) pandemic, Congress included a provision in the Consolidated Appropriations Act (CAA, 2021) that removes the 50% limit on business meal deductions during 2021 and 2022. Business related meals provided by restaurants, included those served by takeout or delivery, are fully deductible […]
Rebuild! VA Small Business Grant Program Expanded
The Rebuild! VA Small Business Grant Program has made some changes. They’ve expanded eligibility requirements to any small business or nonprofit under $10 million in gross revenue or 250 or fewer employees and the grant can now be up to $100,000 (technically the lessor of $100,000 or 3 months of your business’ average reoccurring operating […]
2021 Social Security Changes
The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2021 will increase to $142,800. This is up from $137,700 for 2020. In addition, beneficiaries of Social Security and Supplemental Security Income (SSI) will receive a 1.3% cost of living adjustment for 2021. Click here for […]
New Regional Sales and Use Tax in Central Virginia Region
Effective October 1, 2020, the sales and use tax levied in the Central Virginia Region will be 6.0 percent, an increase of .7 percent over the existing 5.3 percent rate. The localities affected include the City of Richmond and the Counties of Charles City, Chesterfield, Goochland, Hanover (including the Town of Ashland), Henrico, New Kent, […]
Hard at Work… at Home!
Doug Urquhart Q&A with VSCPA
Doug Urquhart was interviewed with by the Virginia Society of Certified Public Accountants. Doug shares what he thinks makes our firm unique, and what has gotten us to our 15 year milestone. Read the interview here: https://www.vscpa.com/article/more-numbers-people
Overview of Itemized Deduction Changes
Changes to Schedule A as a result of the Tax Cuts and Jobs Act are illustrated below. Check back for additional tax planning opportunities in these areas. Tax Planning Opportunity: Qualified Charitable Distributions
Planning Opportunity: Qualified Charitable Distributions
Age 70½ – Consider making charitable contributions directly from your IRA The Tax Cuts and Jobs Act (TCJA) increased the standard deductions and made significant changes to itemized deductions. The coordination of these changes will result in many taxpayers using the standard deduction and no longer itemizing deductions. We will be providing tax planning opportunities […]
