Know the rules for your IRA contributions. Many taxpayers can take a deduction for money they contribute to a traditional IRA each year, but it depends on some rules. You must have earned income to qualify, know the type of IRA you are contributing to, and understand the IRS limit on the total amount of contributions that can be deducted.
The stimulus money you received is not taxable, but you do need to know the amount received in order to properly file your 2020 tax return and to claim the Recovery Rebate Credit if you are eligible. The stimulus money you received is not taxable, but you do need to know the amount received in order to properly file your 2020 tax return and to claim the Recovery Rebate Credit if you are eligible.
The recovery rebate c…
With so many people working from home, I am often asked about deducting home office expenses. Self-employed taxpayers may claim a business deduction for expenses arising from qualifying use of all or part of a residence. Employee’s are no longer allowed to deduct home office expenses. To clai…