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When you know the rules, you can party with your employees and deduct 100 percent of the cost. The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction: Holiday parties, annual picnics, and summer outings Maintaining a swimming pool, baseball diamond, bowling alley, or golf course The

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Have you missed partying and having business meals with your prospects, customers, and employees? To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now: Let GLO CPAs, help you wade through the do’s and don’ts about entertainment expenses!

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IRS ANNOUNCES TAX RELIEF FOR TEXAS SEVERE WINTER STORM VICTIMS Did you suffer from the power outages?  Did the freeze kill your landscaping?  Did you have some plumbing bills for busted pipes?  With all of this, you didn’t have enough to claim on your insurance because your deductible is high?  There may be deductions that

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Under pre-American Rescue Plan Act (ARPA) law, individuals with household income above 400% of the federal poverty line (FPL) weren’t eligible for the Premium Tax Credit (PTC). Under ARPA, for 2021 and 2022, the premium tax credit is available to taxpayers with household incomes that exceed 400% of the federal poverty line. This change will

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Columbus Day is a federal holiday here in the United States. It’s also celebrated in many countries in central and south America and also the Caribbean. In 2020, it’s observed here in the US on October 12 and can serve as a useful reminder of the time to file your taxes if you requested an

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With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly

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The 2020 Texas Relocation Report reported that 86,164 Californians moved to Texas.  According to NerdWallet’s Cost of Living Calculator, housing costs are 75% lower in Houston versus San Francisco.  Food costs are 30% lower; transportation costs are 31% lower and so on.  If you’re considering moving to a different state, taxes in the new state

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The COVID-19 Pandemic May Create Tax Benefit Opportunities For You And Your Family members. For example, you could hire your under-age-18 children, pay them, say, $10,000 each, and they could pay zero federal income taxes. And you or your corporation, the employer, would deduct the $10,000 you paid to each of the children. The child

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The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning. Here are eight important reminders about this new law: You can’t use contributions made in 2020 but applied to 2019 for any SECURE Act provisions that apply to contributions made after December 31, 2019. If you inherit

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How to Get the IRS to Owe You Money How can you get the IRS to owe you money? Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are Read More