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What can AI do for my business?

2020 – 01/23 You’ve no doubt read articles or heard stories about how artificial intelligence (AI) is bringing sweeping change to a wide variety of industries. But it’s one thing to learn about how this remarkable technology is changing someone else’s company and quite another to apply it to your own. Here’s a primer on…

New Exception for Early Retirement Withdrawal

2020 – 01/09 Generally, amounts withdrawn from an individual retirement account before age 59-1/2 are subject to an additional 10% tax, unless an exception applies (such as a distribution in a case of financial hardship). With the recent passage of the Setting Every Community Up for Retirement Enhancement Act (SECURE) a new exception has been…

Home Office Deduction: What are the Rules?

2019 – 12/30 The start of the new year ushers in tax season. If you used your home to conduct business, you may qualify to take a home office deduction on your tax return, even if you’re a renter. Here are the basic rules: The home must be your principal place of business, or a…

Can the IRS Seize My Refund?

2019 – 12/30 Taxpayers who owe certain debts may have their refunds reduced or even entirely taken by the federal government. Under the Treasury Offset Program, refunds can be seized to pay past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support or other federal nontax debts, such as student loans….

Where’s My Refund?

2019 – 12/27 Tax filing season is rolling up fast, and millions of Americans are anticipating refunds. The IRS cautions taxpayers to be patient. Some refunds may take longer because they require additional review. The IRS issues most refunds in less than 21 days, but if a tax return has errors, is incomplete or is…

Employee Withholding Calculator

2020- 01/03 The IRS has launched a new online assistant created to help employers determine the correct amount of federal income tax to hold back from their workers’ pay. This system, which took effect on Jan. 1, replaces the previous method based on withholding allowances. “We’ve been working closely with the payroll community and other…

Qualified Business Income

2020 – 01/03 Owners of passthrough businesses who meet certain requirements may be eligible for a generous deduction, if they’re current on their tax filing. The deduction equals up to 20% of the owner’s share of qualified business income (QBI). In one case, the deduction was denied because the owner hadn’t filed a tax return….

2020 Standard Mileage Rates

2020 – 01/02 The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, medical and charitable purposes. Notice 2020-5 provides that the 2020 standard mileage rate for transportation or travel expenses is 57.5 cents (down from 58 cents per mile for 2019) for…

Cost management: A budget’s best friend

  2020 – 01/02 If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such…

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