Articles

Recent events have more Americans working from home. This can influence how they can file for a home office deduction. The home office tax deduction allows qualifying taxpayers to deduct certain home expenses on their tax returns. Understand the home office tax deduction and whether you can claim it: Employees are not eligible to claim the home office tax deduction. The home office deduction Form 8829 …

The CARES Act suspended limits on charitable contributions for individuals and corporations. For tax year 2020, individuals may deduct qualified charitable contributions up to 100 percent of their adjusted gross income. A corporation may deduct qualified charitable contributions up to 25 percent of its taxable income. Both individuals and corporations can carry over to the next year contributions that exceed the AGI limitation. To qualify, …

Provide your game plan for the expected and unexpected for 2020 by making a New Year’s resolution to review your estate planning documents. (The is our first in a series of CROSSROADS Articles.  See Below.) We plan for the expected: holidays, birthdays, anniversaries. We plan for the unexpected: rainy day accounts, checking account reserves, extra gifts for that last minute invitation. What about planning for the …