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UPDATES&INSIGHTS: TAX – February 2021

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Claiming the Home Office Deduction

Many people have found themselves working from home during the COVID-19 pandemic and wondering, “Can I claim the home office deduction for 2020?” The short answer is: Only if you’re self-employed. This article delves deeper into the other rules involved. Read More

Consider Taxes Before Moving Out of State

Many people might think about moving to another state. However, it’s important to consider the tax ramifications before doing so. This article urges readers to identify all applicable taxes in a destination state and recommends being prepared to meet the legal requirements for establishing domicile. Read More

What’s Your Financial Personality?

Everyone’s personal financial plan doesn’t have to be complex, but it does generally need to cover two major facets: paying down debt and saving money. This brief article discusses the importance of identifying one’s financial personality and using that as a guide to creating a solid plan. Read More

Why the Child Tax Credit Is So Valuable

The federal child tax credit is available to help many taxpayers with children under the age of 17, and there’s a dependent credit for those who are eligible with older children. This article explores the details. A sidebar explains that a qualifying child must have an SSN for parents to claim the tax credit. Read More