Home Office Deduction Primer

With the tax filing season just around the corner, I repeatedly hear the question, “can I deduct my home office?” The answer varies as the IRS has a more restrictive definition of the home office than those heard in ordinary conversation.

2021-01-07T11:12:18-05:00January 7, 2021|Categories: Accounting, PBMares COVID-19 Insights, Tax: Business, Tax: Individual|Tags: , |

A New Way to Deduct Your #GivingTuesday Donations

The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year. 

2020-11-30T11:05:43-05:00November 30, 2020|Categories: Not-for-Profit, Tax: Individual|Tags: , , |

Congress: What We’re Watching

Over the past six months, we have seen nearly $2.7 Trillion in combined COVID-19 relief funding from Congress via the Families First, CARES, and PPP and Health Care Enhancement Act; however, many significant items remain unaddressed.

2020-09-09T17:41:35-04:00September 9, 2020|Categories: PBMares COVID-19 Insights, Tax: Business, Tax: Individual|Tags: |

Maryland Pass-through Entity Tax Election

A new State of Maryland allows pass-through entities (PTEs), including partnerships and S Corporations, to elect to pay the Maryland income tax due on both resident and non-resident owners’ share of the income from the PTE.

2020-11-16T12:33:38-05:00September 9, 2020|Categories: Tax: Business, Tax: Individual|Tags: , |

Donor-Advised Funds: Giving with a Tax Advantage

If you donate to charitable organizations, you might want to consider establishing a donor-advised fund. A donor-advised fund is a charitable tax-saving tool that enables you to maintain a certain level of control over how funds are distributed while receiving immediate tax benefits.

2020-12-01T16:04:32-05:00September 9, 2020|Categories: Tax: Individual, Wealth Management|Tags: |

DOL Issues Interim Rule on Lifetime Income Disclosure

(authored by RSM US LLP) The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.

2020-08-26T08:56:01-04:00August 26, 2020|Categories: Retirement, Tax: Individual|Tags: , , |

$10,000 SALT Cap Continues to Receive Attention

One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.

New Student Loan Rules Provide Great Benefits for Businesses and Individuals

The federal government has provided new tax savings opportunities for student loans in the CARES Act and the SECURE Act, both of which can help reduce the overall cost of paying down student loans.

2020-10-05T10:39:43-04:00May 29, 2020|Categories: PBMares COVID-19 Insights, Tax: Individual|
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