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Save Your Employee Retention Credit

Save Your Employee Retention Credit

In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners. According to the IRS: Your corporation can qualify for the ERC on the wages paid to more than 50...
The Principal Residence Gain Exclusion Break

The Principal Residence Gain Exclusion Break

The $250,000 ($500,000, if married) home sale gain exclusion break is one of the great tax-saving opportunities. Unmarried homeowners can potentially exclude gains up to $250,000, and married homeowners can potentially exclude up to $500,000. You as the seller need...
Don’t Make a Big Mistake by Filing Your Tax Return Late

Don’t Make a Big Mistake by Filing Your Tax Return Late

Three bad things happen when you file your tax return late. What’s Late? You can extend your tax return and file during the period of extension; that’s not a late-filed return. The late-filed return is filed after the last extension expired. That’s what causes the...
Don’t Miss Out on the Employee Retention Credit

Don’t Miss Out on the Employee Retention Credit

It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some other tax credits, because...
Garage Space as a Home Office

Garage Space as a Home Office

Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice percentage, but what’s really interesting...