Tax Central – Page 44 – Fiducial Blog

Gambling and Tax Gotchas

December 25, 2020

There are far more tax issues related to gambling than you might expect. And these issues may impact your taxes in more ways than you might believe.

Traditional or Roth IRA? Which Plan Will Be Best for You?

December 24, 2020

The tax code offers two IRA types. Fiducial has a primer on both kinds of IRAs. Learn their pros and cons, and how to choose the one that’s right for you.

QBI Deduction Basics and a Year-End Tax Tip that Might Help You Qualify

December 23, 2020

If you own a business, you may be eligible to take the QBI deduction. We sometimes refer to this as the pass-through deduction or Section 199A deduction.

Small Businesses: Cash In On Depreciation Tax Savers

December 21, 2020

It’s time to think about whether your business needs to buy depreciable property. You may benefit from the depreciation tax deduction for business property.

Mortgage Insurance Premium Deduction Retroactively Extended

December 17, 2020

This mortgage insurance premium deduction has been retroactively extended back to 2018 and through 2020. Consider amending your 2018 return for a refund.

Tax Rules for Deducting the Computer Software Costs of Your Business

December 16, 2020

Do you buy, lease, or develop computer software to use in your business? Know the complex rules that apply to the tax treatment of software costs.

IRS Releases Final Version of Form 941-X Related to COVID-19 Relief

December 11, 2020

The IRS significantly revised Form 941-X. This form allows for adjustments and corrections to COVID-19 tax relief on previously filed Forms 941

Employee Holiday Gifts May Be Taxable--What Employers Need to Know

December 10, 2020

Employers often give employees holiday gifts. If a gift is a de minimis fringe benefit, it is tax-free to employees and tax deductible by the employer.