The IRS recently released the 2021 inflation-adjusted amounts for HSAs (Health Savings Accounts). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying for “qualified medical expenses” of an “account beneficiary.” An HSA can only be... 
Nearly everyone has heard about the Economic Impact Payments (EIPs) the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received... 
The IRS has issued guidance clarifying the fact that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan... 
Many businesses are interested in donating to charity in response to the COVID-19 pandemic. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act liberalized the rules governing charitable deductions. Here are two... 
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and still claim the write-off on your 2019 return.... 
The coronavirus (COVID-19) pandemic has affected the finances of many Americans. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no you can’t.... 