Blog - TJS Deemer Dana

Home sales: How to determine your “basis”

Date16 Apr 2021

The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. Most...

Who qualifies for “head of household” tax filing status?

Date14 Apr 2021

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must maintain...

EIDL loans, restaurant grants offer relief to struggling small businesses

Date12 Apr 2021

The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore...

Need a new business vehicle? Consider a heavy SUV

Date07 Apr 2021

Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified new...

Tax aspects of President Biden’s American Job’s Plan

Date07 Apr 2021

(authored by RSM US LLP) Washington National Tax summarizes key tax aspects of President Biden’s American Jobs Plan and the Made in America Tax Plan.

The IRS provides further guidance on the Employee Retention Tax Credit

Date05 Apr 2021

(authored by RSM US LLP) The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.

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