The housing market in many parts of the country is strong this spring. If you are 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...
Are you thinking about setting up a retirement plan for yourself and your employees, but you are worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a ‘simplified employee pension’ (SEP) or a ‘savings...
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...
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting Business Earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some...
If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death will not be included in your estate. That way, the benefits will not be subject to federal estate tax. Current Exemption Amounts For 2021, the...
Are you considering buying or replacing a vehicle that you will 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 percent first-year bonus depreciation...
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so the taxpayer can...
Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here is an explanation of the reasons why. The biggest advantage of an...
The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that are being made to eligible individuals, and parents under...
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there also are several tax breaks and financial benefits for businesses. Here are a few of the tax...