Category: Tax Planning

The second relief bill, passed at the end of 2020, contains updates to the employee retention credit, a refundable payroll tax credit. Each option has its own rules and regulations […]

Are there business deductions you can take advantage of? Yes, but first you have to make sure your expenses are truly business-related. The lines can blur, especially with a small […]

The Alternative Minimum Tax is a mandatory alternative to the standard income tax. It’s triggered when taxpayers make more than the exemption and use many common itemized deductions. According to […]

The Head of Household filing status allowed by the IRS is the most advantageous filing status for a single taxpayer. Numerous rules apply to qualify, but if you do, it […]

A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider […]

The IRS released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017 that was […]

What will 2021 bring us? After a year of turmoil and surprises, no one has a clear idea. But there are some certainties, and one is that the IRS is […]

The Secure Act is known for changing rules for tax advantaged retirement accounts.  One less well known provision of the act undid the Tax Cuts and Jobs Act’s Kiddie Tax […]

When you sell a capital asset — property owned and used for personal or investment purposes — the sale will result in either a capital gain or a capital loss. […]

Legislation in 2019 — the Taxpayer Certainty and Disaster Tax Relief Act — resurrected or extended several income tax breaks. But Congress giveth and taketh away, and several of them […]

There are tax credits to help parents and/or students pay for higher education.  The credits were designed to incentivize Americans to further their education.  There are two higher education credits: […]

The Tax Cuts and Jobs Act made changes to deductions for meals. In fact, it eliminated the deduction for any expenses related to activities that used to be considered entertainment, […]