Tax Central – Page 45 – Fiducial Blog

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.

There is More to Deducting Health Insurance than Meets the Eye

December 9, 2020

Health insurance premiums, especially in the wake of the ACA, have risen dramatically. They constitute one of the greatest expenses most individuals pay.

Preparing for 2021: Tax Planning Strategies for Small Business Owners

December 4, 2020

If you are a small business owner, every penny counts. So, you not only want to optimize your revenue but also minimize your expenses and your tax liability

The Solar Credit is Sunsetting Soon--Should You Take Advantage Now?

December 2, 2020

The solar credit is fading away. After being 30% of the cost for many years through 2019, the credit drops to 26% in 2020. In 2021, it drops again to 22%.

Business website costs: How to handle them for tax purposes

November 30, 2020

The business use of websites is widespread. However, the IRS hasn’t yet issued formal guidance on when Internet business website costs can be deducted.