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Bobby M. Bragg

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So far Bobby M. Bragg has created 537 blog entries.

Four Steps in Eldercare Planning

By |2021-04-01T13:32:30+00:00April 1st, 2021|Estate & Trust, News & Events|

Over the course of time, the caretaker roles of parents and children often reverse, especially if one or more parent experiences health problems. For example, an elderly parent may no longer be competent to handle his or her own affairs. This can raise sensitive financial and personal issues within the family. The optimal approach is [...]

Shaking Up Your SALT Deductions

By |2021-03-08T17:17:39+00:00March 8th, 2021|News & Events, Press Releases, SALT|

The deduction for state and local tax (SALT) payments may have been one of the biggest tax deductions on your personal tax return—if not THE biggest—for many years. But the massive Tax Cuts and Jobs Act (TCJA), enacted at the end of 2017, caps the SALT deduction for 2018 through 2025. Nevertheless, this still [...]

Ten Top Above-the-Line Deductions

By |2021-02-26T15:28:52+00:00February 26th, 2021|Individual Tax, News & Events, Press Releases|

Frequently, taxpayers pay close attention to itemized deductions, but forget about “above-the-line” deductions that could be even more valuable. These deductions reduce your adjusted gross income (AGI) for various tax purposes. Following is a list of ten key items available on 2020 returns. Charitable donations: Usually, charitable deductions are limited to itemizers. However, under the [...]

Have you filed your 2019 tax return but the IRS sent a notice saying you didn’t?

By |2021-02-19T22:06:57+00:00February 19th, 2021|Individual Tax, News & Events, Press Releases|

You are not alone.  Some 260,000 taxpayers also did.  These notices are called CP59 notices. The IRS has not finished processing 2019 returns due to COVID-19 delays and many of these notices were sent in error. The IRS has issued a news release saying these notices can be disregarded if you did in fact file [...]

2020 Stimulus Checks 1 & 2 – What You Need to Know for Your 2020 Tax Return

By |2021-02-10T21:53:59+00:00February 10th, 2021|Uncategorized|

We are getting a lot of questions from clients and friends regarding the stimulus checks received in 2020.  These are also known as “stimmy” by our younger CPAs and clients. The 2020 Stimulus check. Surrounded with 100 dollar bills. Sent to US citizens during the covid-19/coronavirus pandemic   Our CPA Tax Manager Lauren [...]

Doubling Up on the Employee Retention Credit and PPP Loan Forgiveness

By |2021-02-04T18:08:26+00:00February 4th, 2021|Corporate & Partnership Tax, News & Events, Press Releases|

The Consolidated Appropriations Act passed December 27, 2020 included an expansion of the 2020 Employee Retention Credit (ERC). The credit is now retroactive to the enactment of the CARES Act, March 21, 2020, and is available to employers who received PPP loan funding. Employers, including tax-exempt organizations, are eligible for the credit if they [...]