Employee Business Expense Deductions: Who Qualifies?

Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as…

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Important Tax Changes for Individuals and Businesses

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2021, a number of tax provisions are affected…

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Beware of Gift Card Tax Scams

For example, there are many reports of taxpayers being asked to pay a fake tax bill through the purchase of gift cards. While gift cards are a popular and convenient gift for all occasions, they are also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them to…

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Retirement Contributions Limits Announced for 2021

Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. The catch-up contribution limit for…

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Business Tax Provisions: The Year in Review

Standard Mileage Rates The standard mileage rate in 2020 is 57.5 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as…

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Individual Taxpayers: Recap for 2020

Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals filing separately, it is $12,400, and for heads of household, the deduction is $18,650. The additional standard deduction for blind people and…

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Individual Taxpayers: Year-End Tax Planning Strategies

General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring income and deductions, as well as careful consideration of timing-related tax planning strategies concerning investments, charitable gifts, and retirement planning. For example, taxpayers might consider using one or more of the following strategies: Investments. Selling any investments on which you have…

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Brandon Dailey joins Jarrard, Nowell & Russell as staff accountant

Charleston, S.C. – Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has added Brandon Dailey as a staff accountant in the firm’s N. Charleston office. In this role, Dailey will provide analytical support to clients and assist with tax filings, bookkeeping duties, and assurance engagements. Prior to joining Jarrard, Nowell…

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Jarrard, Nowell & Russell, LLC adds staff accountant to Charleston office

Charleston, S.C. –Jarrard, Nowell & Russell, LLC (JNR), a Charleston-based accounting and business advisory firm, has hired Drew Butterfield as staff accountant in the firm’s downtown Charleston office. As staff accountant, Butterfield will prepare tax returns, review financial statements, and perform monthly bookkeeping duties. Prior to joining Jarrard, Nowell & Russell full-time, Butterfield served as…

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Year-End Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year invoices so that payment is not received until 2021. Businesses using the accrual method can…

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