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TAX TIPS: 2021 Tax Planning: Home Office Deduction

TAX TIPS: 2021 Tax Planning: Home Office Deduction

November 30, 2021

During the COVID pandemic, many employees were forced to work from home. Today more people are working from home than ever before.  For many employees, remote work may allow them to claim a home office as a deduction for the first time.

Luxury Auto Depreciation Caps and Lease Inclusion Amounts

Luxury Auto Depreciation Caps and Lease Inclusion Amounts

November 23, 2021

If you use your vehicle for business purposes, the Internal Revenue Service allows you to write off some of the vehicle's cost. By depreciating your vehicle, you deduct a specified amount of your taxable income to account for the vehicle's loss of value for each year of use. The IRS sets annual depreciation caps for luxury vehicle owners who opt for the actual cost method over the standard mileage rate. 

2021 Tax Planning: Meals and Entertainment Expenses

2021 Tax Planning: Meals and Entertainment Expenses

November 18, 2021

Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It's easy to think of these entertainment costs as deductible business expenses. However, due to a recent change in the tax law, many of those expenses may not be deductible.

IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts (Rev. Proc. 2021-45; IR-2021-219)

IRS Releases 2022 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts (Rev. Proc. 2021-45; IR-2021-219)

November 15, 2021

The IRS has released the annual inflation adjustments for 2022 for the income tax rate tables, plus more than 56 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.

Thanh’s Tips for Facing 40 Fiercely

Thanh’s Tips for Facing 40 Fiercely

October 07, 2021

Be vulnerable. Be bold. Be brave. Despite popular belief, facing personal vulnerabilities can help contribute to your success. Over the years, I’ve learned that not everyone will be kind or supportive, but there will be select people who will surely help you along the way. With that, I have aimed to contribute my own efforts in inspiring others to take action and take risk into their own hands.

3 Reasons Your New Business Needs a Certified Public Accountant (CPA)

3 Reasons Your New Business Needs a Certified Public Accountant (CPA)

October 04, 2021

When it comes to starting a new business, the first considerations that quickly come into mind are deciding on a business name, a logo, or finding clients. Unfortunately, many fail to consider the importance and benefits of working closely with a CPA during this crucial developmental time. Collaborating with the right CPA can save you time, money, and frustration as you look to grow your business, but most importantly, ensure that it's headed in the right financial direction.