12 April

For the 99.5% Act

On March 25th, Senator Bernie Sanders introduced the “For the 99.5% Act,” a proposal that could significantly reduce currently available gift and estate tax exemptions. If passed, the act could impact families not previously subject to gift and estate taxes. The act, whose potential enactment date is January 1, 2022, proposes the following major changes to estate and gift taxes: …

18 March

Six Key Tax Breaks for Homeowners

The days of classic “tax shelters”— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on a bevy of tax breaks, saving thousands of tax dollars or even more. Here are six ways your home …

Info on the ARPA
16 March

Overview of the American Rescue Plan Act

The President signed the American Rescue Plan Act (ARPA), also known as the COVID-19 Stimulus Package, into law on Thursday, March 11th. The new law will provide roughly $1.9 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are some of the key ARPA provisions that will affect federal income taxes …

PPP Second Draw Program Application
11 March

Applying to the PPP Second Draw Program

Another calendar year into the COVID-19 pandemic, the Payment Protection Program (PPP) stimulus initiative is accepting Second Draw loan applications until March 31, 2021. [1] Some things have remained the same: as with the initial administration, loan amounts are based on payroll expenses, and the covered period is eight to twenty-four weeks. Other elements of the program, however, are different. …

08 March

When Should You Take Social Security Benefits?

If you’re nearing retirement, you’ve likely paid into the Social Security system for the duration of your career. It’s only fitting that you cash in on the benefits you’ve long been contributing to, but when should you start receiving benefits — at the first available date, at the latest date, or somewhere in between? The answer depends on your personal …

19 February

How Can Business Owners Lower Last Year’s Tax Bill?

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year’s return Claim 100% First-Year Bonus Depreciation — Or Maybe Not For qualifying assets placed in service in 2020, business taxpayers can deduct 100% of the cost in …

Five Tax Credits
08 February

Five Tax Credits for Your 2020 Tax Return

Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. Here are five major credits for you to consider for your 2020 tax return. 1. Higher Education Credits The tax law gives parents a choice between two possible tax credits for higher education expenses: American Opportunity Tax Credit (AOTC).With the AOTC, the maximum annual credit …

16 December

Confused about CARES loans? Clarification from the IRS on the Tax Treatment of PPP Loans

PPP Background: Anticipating the economic consequences of the COVID-19 pandemic, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March. As a result of this passage, the Payment Protection Program (PPP) afforded a significant loan to small businesses. In its initial stipulation, Congress assured that, in addition to forgiving the principal amount of the loan …