Naden/Lean CPAs

02/04/2022

Is Interest Paid on Borrowed Money Tax Deductible?

If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and essentially depend on what the loan proceeds are used for: personal items, investment, home mortgage, business activities or higher-education. Interest expense can fall into any of the following categories:

To read the full blog, visit:

If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and essentially depend on what the loan proceeds a...

02/02/2022

An Overview of the Adoption Tax Credit

Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Watch this video for a quick overview of the adoption tax credit.

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Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. Watch this video for details.

02/01/2022

If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential education tax credits (1) you are eligible for and (2) gives you the greater tax benefit. This article looks at some of the twists and turns of these credits.

To read the full blog post, visit:

If you have a child or children in college, or perhaps you or your spouse is a student, it can be confusing to figure out which of two potential education tax credits (1) you are eligible for and (2) gives you the greater tax benefit. This article looks at some of the twists and turns of these credi...

01/28/2022

What’s Next for the Child Tax Credit?

December 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that makes the majority of Congress happy, and as a result, many families have been left waiting and wondering what will come next.

To read more details on what to expect with the Child Tax credit, please visit

If your family received advance child tax credit funds, you are not alone in wondering what will come next from Congress for 2022. Learn more.

01/27/2022

Is Interest Paid on Borrowed Money Tax Deductible?

If you borrow money will the interest you pay be deductible for income tax purposes? The answer to that question can be complicated, and unfortunately, not all the interest an individual pays is tax-deductible. The rules for deducting interest vary, and essentially depend on what the loan proceeds are used for: personal items, investment, home mortgage, business activities or higher-education.

To read the full blog, visit: http://ow.ly/9tJT50HFK6X

01/24/2022

Costs for Installing Medically-Related Home Improvements Have Tax Benefits

According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or older, and by 2030 all boomers will be at least 65. Boomers aren’t the only reason the nation’s overall population is aging – people are living longer due partly to better health care (even though deaths from COVID-19 have lowered life expectancy projections).

Read the full blog post here:

According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65, as of 2018 16% of Americans were age 65 or older, and by 2030 all boomers will be at least 65. Boomers aren’t the only reason the nation’s overall population is aging – people are living long...

01/14/2022

Crucial Steps You Can Use To Take Control of Your Finances in 2022 and Beyond

As the old saying goes, "If you fail to plan, you plan to fail." Whoever coined that phrase was absolutely talking about finances, whether they realized it or not.

According to one recent study, a general lack of financial education costs Americans a collective $415 billion every single year. Not only is the average amount of credit card debt that someone carries over $6,000 according to the same source, but roughly 40% of people report having less than $300 in their savings accounts. This issue has only been exacerbated by the COVID-19.

Check out our blog post for more details on what you should do to take control of your finances this year .

There are several important steps that anyone can use to take control of their finances in the new year - it simply requires them to keep a few key things in mind along the way.

01/12/2022

January 2022 Business Due Dates

For a full list of all the business financial and tax deadlines coming up in January, please visit our blog page:

Here are the January 2022 Business Due Dates

01/10/2022

How Can a Nonworking Spouse Qualify to Fund an IRA?

One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through their employers’ retirement plans. However, those who are married have an option to accumulate retirement funds that will help make up for some of their lost retirement savings.

Read the full blog post here:

One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through their employers’ retirement p...

01/07/2022

2022 Standard Mileage Rates Announced

As it does every year, the Internal Revenue Service recently announced the inflation-adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

To get more information, read the full blog post:

As it does every year, the Internal Revenue Service recently announced the inflation-adjusted 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

01/05/2022

A Quick Reminder about Forms 1099-NEC & 1099-MISC

Businesses are required to file Form 1099-NEC if they pay an independent contractor more than $600 this year. Watch this quick video for some other details you may want to know.

Watch the full video on our blog page:

This video is a quick reminder to file Form 1099-NEC if you pay an independent contractor more than $600 this year.

01/03/2022

“Sometimes we can only find our true direction when we let the wind of change carry us.”

Wishing you much success as you begin the journey into #2022