Category: Tax Planning

Every year, the IRS takes a fresh look at contribution limits and makes changes as necessary. Below are some of the more significant changes for 2020: Contribution limits for employees […]

Businesses often start out as sole proprietorships simply because it is the simplest entity type with the easiest setup. Unlike other business structures, no formal set up is involved.  An […]

Itemized Deductions Not much has changed regarding Itemized Deductions since the new tax law passed in 2017.  Here is a refresher on what changed for itemized deductions as a result […]

Whenever you spend money on your business, the expense is either deducted on your federal tax return in the year it is incurred or depreciated over time. But much more […]

Most people have heard of Roth IRAs, but many people do not know that a Roth version of the 401(k) plan is available as well. Although this type of account […]

Borrowing money comes with a legal obligation to repay what is borrowed plus interest.  But what happens when part of the debt is forgiven? After the initial relief of not […]

The Ways and Means Committee of the US House of Representatives has unanimously passed a bill called the SECURE Act.  The act contains some major changes to retirement tax law.  […]

A capital gain or loss occurs when an individual or business sell a “capital asset.” A capital gain occurs when the selling price of the asset is higher than the […]

In short, the answer is yes. The Tax Cuts and Jobs Act made changes to meals and entertainment deduction, however business meals are still deductible.  Entertainment expenses, other than meals, are […]

The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It’s a reminder that federal law controls payments for federal income tax […]

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they’re withholding the right amount of tax from their paychecks. […]

The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made […]