Tax Department's articles on BeachFleischman CPAs

What qualifies as a “coronavirus-related distribution” from a retirement plan?

June 23, 2020 Tax Department COVID-19, Tax Bites CARES, coronavirus, COVID-19, retirement plan distributions, retirement plans

If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.

Good records are the key to tax deductions and trouble-free IRS audits

June 16, 2020 Tax Department Tax Bites business records, IRS, IRS audits

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Seniors: Can you deduct Medicare premiums?

June 11, 2020 Tax Department Tax Bites medical expense deduction, medicare, TCJA

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.

Paycheck Protection Program Flexibility Act Signed by President

June 5, 2020 June 12, 2020 Tax Department COVID-19, Tax Bites CARES, COVID-19, Paycheck Protection Program, PPP, PPPFA

On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]

A nonworking spouse can still have an IRA

June 3, 2020 Tax Department Tax Bites IRA, IRA contributions

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.

IRS releases 2021 amounts for Health Savings Accounts

May 27, 2020 May 26, 2020 Tax Department Tax Bites contribution limits, HDCP, HSA, IRS

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

There’s still time to make a deductible IRA contribution for 2019

May 13, 2020 May 12, 2020 Tax Department COVID-19, Tax Bites COVID-19, IRA contributions, MAGI

Do you want to save for retirement on a tax-advantaged basis? It’s not too late to make 2019 IRA contributions (if you’re eligible) just because it’s 2020. And this year, the IRS extended the deadline three months due to COVID-19. Here are the rules and who can make contributions.

Donating your stimulus check: How to make a tax-deductible donation

May 6, 2020 Tax Department COVID-19, Tax Bites CARES, charitable giving, COVID-19, donations, stimulus check, tax exempt organizations

Stimulus checks are already arriving in mailboxes and bank accounts, but not everyone who receives a stimulus check needs the money. Part of the recent CARES Act, these stimulus checks include $1,200 for single filers or $2,400 for joint filers, plus $500 for each dependent child under age 17. The amount of the payment is[ … ]

Do you have tax questions related to COVID-19? Here are some answers

May 5, 2020 Tax Department COVID-19, Tax Bites deduct losses, estimated tax payments, IRA contributions, remote work expenses, tax, unemployment benefits

If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers.

Hiring independent contractors? Make sure they’re properly classified

April 29, 2020 May 1, 2020 Tax Department COVID-19, Tax Bites contractors, COVID-19, employee classification, FICA taxes

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an[ … ]