December 1, 2020
Congratulations, we’ve made it through 2020! We’ve proven to ourselves that we’re disciplined and strong! And we appreciate even more what our family and friends mean to us! Does that mean we don’t need to make resolutions this year? Maybe. But it’s always good to have a goal. So, if there’s nothing to resolve for yourself, why not direct your resolutions outward for 2021?
It feels good to do something nice for someone; even science tells us so. A study published in the journal Nature Communications asked participants to spend money on either themselves or others over a four-week period. The group that spent money on others reported feeling happier than the control group that spent money on themselves, no matter how much or how little they spent. And that generous feeling continued to influence the decisions they made for subsequent tasks in the study.
We’re not suggesting you go out and spend money on random people, of course (unless you want to). In fact, you don’t need to spend any money; you can do nice things for your family, friends and community that take little money, not much time and allow you to maintain social distance when needed. Here are some ideas:
While it’s important to be kind to yourself, make the extra effort in 2021 to look outward and take care of those around you as well. Here’s to a better and brighter new year!
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the simplified method.
Blah. It’s February. The depths of winter. Gloomy days relieved only by the darkness of night. A month made for curling up under the blankets and staying in bed. Sound familiar?
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.