Jenkins, Magnus, Volk, Carroll, P.C.

Certified Public Accountants

 

42714 Woodward Avenue  Bloomfield Hills, MI 48304

 

Phone: 248-858-2400

Fax:     248-858-7301 

 

Website: www.JMVCcpa.com

November 2020

Year-end Tax Tips

Although 2020 is drawing to a close, there’s still time to maximize your tax deductions and credits to lower your tax bill.

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Business Tax Tips

The CARES Act allows corporations to deduct 25% of taxable income for cash contributions made in 2020 to qualified charities.

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Section 1031 Exchanges

Section 1031 exchanges, also called like-kind exchanges, have been around nearly a century. They involve swapping one property for another and if structured correctly, can let you defer tax on any gain.

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November 2020 Client Profile

Seth paid for his college tuition using funds from a 529 college savings plan. He received a partial refund for a course he dropped. Will he have to pay tax on this refund?

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Staying on Track For Retirement

Many companies have had to reduce expenses to retain employees during the pandemic. To save money, some companies paused matching contributions to employee 401(k) plans. If this happened to your 401(k), do not panic. Keep with your existing retirement strategy and consider the following options.

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Sales Tax and Online Retailers

Sales tax nexus is the connection that exists between a state’s taxing authority and a seller that requires the seller to register and collect and pay sales tax. For example, having an office, remote employees, affiliates or subsidiaries in a particular state will create nexus. But other specified business activities will trigger nexus with the state, too. Surpassing a set amount of sales transactions or sales income is one such business activity.

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November 2020 Q and A

Let's talk taxes; specifically dependents and property taxes.

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November 2020 Short Bits

A quick look at marriage, digitial innovation, and tax scams.

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