Individual Tax Tips | OnTarget CPA

06 Jul 10 facts about the pass-through deduction for qualified business income

Posted at 16:55h in Business Tips, Individual Tax Tips, OnTarget CPA Blog, Small Business Tax Tips, Tax Tips by Michael Jamison, CPA, CGMA

Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships, single member limited liability companies...

06 Jul IRS audits may be increasing, so be prepared

Posted at 16:55h in Business Tips, Individual Tax Tips, OnTarget CPA Blog, Small Business Tax Tips, Tax Tips by Michael Jamison, CPA, CGMA

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if...

29 Jun Are you a nonworking spouse? You may still be able to contribute to an IRA

Posted at 16:20h in Individual Tax Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if...

29 Jun Traveling for business again? What can you deduct?

Posted at 16:18h in Individual Tax Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business...

29 Jun Seniors may be able to write off Medicare premiums on their tax returns

Posted at 16:16h in Individual Tax Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But...

15 Jun 2021 Q3 tax calendar: Key deadlines for businesses and other employers

Posted at 19:24h in Business Tips, Individual Tax Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable...

15 Jun Tax-favored ways to build up a college fund

Posted at 19:24h in Individual Tax Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S....

08 Jun Retiring soon? 4 tax issues you may face

Posted at 15:01h in Estate Planning Tips, Individual Tax Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is...

08 Jun Recordkeeping DOs and DON’Ts for business meal and vehicle expenses

Posted at 14:59h in Business Tips, Individual Tax Tips, OnTarget CPA Blog, Small Business Tax Tips by Michael Jamison, CPA, CGMA

If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set...

01 Jun Hiring your minor children this summer? Reap tax and nontax benefits

Posted at 20:07h in Individual Tax Tips, OnTarget CPA Blog by Michael Jamison, CPA, CGMA

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able...