Tax Deductions

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Income Tax Deductions for Gig Workers – Things You Need to Know

So far 2020 has been a year of many unexpected challenges with Covid-19. Many individuals have explored news side jobs and investments as a way to supplement their income. In this article, we take a look at income tax deductions for gig workers in the new “shared economy”. On-demand entrepreneurs (aka “gig workers”) offer a […]

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Saving for Retirement: 401Ks, IRAs, and Social Security

Saving for retirement is getting just a little bit easier in 2019.  As the cost of living increases, the IRS has announced higher contribution limits to 401Ks and IRAs.  These changes attempt to mirror the rise in cost of living expenses.  Technical guidelines are many and can be found in Notice 2018-83.  The major highlights

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Is a Standard or Itemized Tax Deduction Better?

As tax time rolls around, there are several questions we hear more regularly.  One common query is whether a client should itemize deductions or take the standard deduction.  Before answering that, we thought it would be helpful to take a look at the difference between exemptions, credits, and deductions. Deductions – also reduce your taxable

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