by kerstin@buhvdesigns.com | Sep 16, 2020 | Resources, Tax Management
Today’s topic for the tax planning series is a brief discussion on the potential tax benefits of the medical expense deduction. Medical expenses can be claimed as a deduction when your unreimbursed costs exceed 7.5% of your adjusted gross income (AGI) (10% of your AGI...
by kerstin@buhvdesigns.com | Sep 14, 2020 | Newsletter
Happy September! I hope you are doing well. Today’s newsletter has some additional year-end reminders and tax planning tips along with a few updates and current events. Before we dive in, I wanted to let you know that we continue to see many tax notices, especially...
by kerstin@buhvdesigns.com | Sep 10, 2020 | Resources, Tax Management
Many people are pursuing in-home daycare which has led to a rash of questions about the “Nanny Tax.” This is the payroll tax that individuals pay when they hire a household worker and pay them more than $2,200 (in 2020). The “Nanny Tax”...
by kerstin@buhvdesigns.com | Sep 2, 2020 | Resources, Tax Management
We are often asked about the requirements for deducting business meal expenses. Food and beverage expenses associated with operating a taxpayer’s trade or business are deductible, subject to a 50% limit. Unfortunately, after the Tax Cuts and Jobs Act (TCJA)...
by kerstin@buhvdesigns.com | Aug 5, 2020 | Resources
Employee Profit Sharing Profit-sharing with your employees through a qualified retirement plan is a great benefit to both employers and employees. If you are a small business owner, and you do not currently offer a retirement plan to your employees, then you are in a...
