Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the…
You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are being sent to it. The idea of all those envelopes piling up somewhere…
In this month’s Issue of my Cashflowaire newsletter, I wrote about protecting the purchasing power of your savings. This article highlights the massive amount of money printing and possible implications. Here is must read article: https://thehill.com/opinion/finance/508046-judd-gregg-when-the-dollar-is-worth-60-cents If you like a free issue of my cashflownaire newsletter go to: https://carlossamaniego.com/FreeCashflow Until next time, Carlos Samaniego, EA …
Here’s good news: the properly used business vacation home or condo does not suffer from the vacation-home rules, the passive-loss rules, or the entertainment-facility rules. In these days of COVID-19, you may have solid reasons to use your vacation home or condo for two purposes only: personal pleasure, and business lodging. How Business Use Escapes…
Due to the COVID-19 pandemic, the IRS has gradually postponed necessary tax filing and payment deadlines. Now, the IRS has issued new guidance postponing almost all tax-related actions over the next few months. This latest postponement is much more extensive than anything granted previously. We’ll explain whether you qualify for relief, what the IRS postponed,…
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s true. The lucky recipient could be you. To obtain…
For the last couple of years, I have been watching a Youtube Channel called Trout and Coffee. There something so relaxing and stressfree about watching these videos. I wake up in the morning with a cup of coffee and just watch a video or two. My form of mediation. If you need to get away…
“The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes,” Rettig added “We are temporarily adjusting our processes to help people and businesses during these uncertain times. See press release https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program
The IRS has provided clarity on the capital gains component of the Section 199A tax deduction.
If you don’t understand the right definition of a salary, keep reading to find out everything there is to know.