markwoodcpa.com RSS Feed https://markwoodcpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Mon, 01 Feb 2021 09:00:00 -0600 Mon, 01 Feb 2021 09:00:00 -0600 What's New for 2020 Tax Returns https://www.markwoodcpa.com/newsletter.php#2 Taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns this year. Mon, 01 Feb 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#2 Taxable vs. Nontaxable Income https://www.markwoodcpa.com/newsletter.php#5 Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. Mon, 01 Feb 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#5 Tax Filing Season Starts February 12 https://www.markwoodcpa.com/newsletter.php#1 The IRS begins accepting and processing 2020 tax year returns on Friday, February 12, 2021. Mon, 01 Feb 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#1 Social Security Benefits and Taxes: The Facts https://www.markwoodcpa.com/newsletter.php#4 Generally, you pay federal income taxes on your Social Security income only if you have other substantial income in addition to your benefits. Mon, 01 Feb 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#4 Employer Tax Credit Extended for Payroll Workers https://www.markwoodcpa.com/newsletter.php#3 Extended through June 30, 2020, the Employee Retention Credit helps businesses keep their employees on the payroll - despite the challenges posed by COVID-19. Mon, 01 Feb 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#3 The COVID-related Tax Relief Act of 2020 https://www.markwoodcpa.com/newsletter.php#4 The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, contains a number of tax provisions - among them pandemic relief for businesses and individuals. Fri, 01 Jan 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#4 Important Tax Changes for Individuals and Businesses https://www.markwoodcpa.com/newsletter.php#1 Each year brings changes to current tax law, and this year is no different. From tax rate schedules to health savings accounts and adoption credits, here's what you need to know. Fri, 01 Jan 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#1 Identity Protection PIN Available To All Taxpayers https://www.markwoodcpa.com/newsletter.php#2 Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to include all taxpayers who can properly verify their identity. Fri, 01 Jan 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#2 Credit Reports: What You Should Know https://www.markwoodcpa.com/newsletter.php#3 Periodically reviewing your credit report is an effective way to prevent credit card fraud and could alert you to signs of identity theft. Fri, 01 Jan 2021 09:00:00 -0600 https://www.markwoodcpa.com/newsletter.php#3 IRS Says TCJA Allows Client and Prospect Business Meal Deductions https://www.markwoodcpa.com/blog.php?id=7 Wed, 23 Jan 2019 09:00:00 -0600 https://www.markwoodcpa.com/blog.php?id=7 Q&A: De Minimis or 179 Expensing or Bonus Depreciation? https://www.markwoodcpa.com/blog.php?id=6 Question: I've been expensing the assets I buy for $2,500 or less using the de minimus safe harbor election. Does the new Tax Cuts and Jobs Act tax reform 100 percent bonus depreciation change the best tax treatment for asset purchases? Tue, 08 Jan 2019 09:00:00 -0600 https://www.markwoodcpa.com/blog.php?id=6 2018 Last-Minute Business Deductions https://www.markwoodcpa.com/blog.php?id=5 Fri, 28 Dec 2018 09:00:00 -0600 https://www.markwoodcpa.com/blog.php?id=5 Saving Taxes with Qualified Charitable Distributions https://www.markwoodcpa.com/blog.php?id=4 Those taking RMDs from their IRAs can get a tax break, even without itemizing, by giving to charity. Thu, 24 May 2018 09:00:00 -0500 https://www.markwoodcpa.com/blog.php?id=4 4 Social Security Benefits You Didn't Know You Had Until Now https://www.markwoodcpa.com/blog.php?id=3 Learn how to maximize your Social Security benefits Mon, 18 Aug 2014 09:00:00 -0500 https://www.markwoodcpa.com/blog.php?id=3 A Guide to Claiming the Home Office Deduction on Your Taxes https://www.markwoodcpa.com/blog.php?id=1 How to make sure your home office expenses can be properly deducted on your taxes. Fri, 28 Feb 2014 09:00:00 -0600 https://www.markwoodcpa.com/blog.php?id=1