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Author Archive | James B. Reynolds

One reason to file your 2020 tax return early

The IRS is opening the 2020 individual income tax return filing season on Feb. 12. (This is later than in the past because of a law that was recently enacted.) Even if you usually don’t file until closer to the April 15 deadline (or you file an extension), consider filing early. It can potentially protect […]

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The COVID-19 relief law: What’s in it for you?

The COVID-19 relief law that was signed recently contains many provisions that may affect you. The law provides for direct payments of $600 per eligible individual ($1,200 for a married couple filing jointly), plus $600 per qualifying child. The government has already started making bank direct deposits or mailing checks. Another provision extends a charitable […]

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Prevent and Detect Insider Cyberattacks

Dishonest workers can initiate a cyberattack by stealing valuable information from your company’s computer network and using it for personal gain. They could be working for a competitor, seeking revenge for perceived wrongs or they may need money to pay gambling debts. You can prevent insider cybercrime by monitoring IT use, removing network access as […]

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Can You Qualify for a Medical Expense Tax Deduction?

Medical services and prescriptions are expensive. You may be able to deduct some expenses on your tax return but the rules make it difficult for many people to qualify. You may be able to time certain medical expenses to your tax advantage. For 2020, the medical expense deduction can only be claimed to the extent […]

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Maximize Your 401(k) Plan to Save for Retirement

Are you thinking about selling stock at a loss to offset gains that have been realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period […]

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Employees Don’t forget about your FSA funds

Many employees save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). It’s a good time to review 2020 expenditures and project amounts to be set aside for 2021. A pre-tax contribution of $2,750 to a health FSA is permitted in 2020. To avoid forfeiture of your health FSA […]

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