Like most of us, you are probably more focused on your 2020 tax bill than how to manage your personal finances in 2021. However, as you get ready to file your annual tax filing, it’s a good idea to also think about changes that will impact your taxes for 2021. Not all tax figures are […]
Six 2021 Tax Questions & Answers Read More »
While it seems like ages ago, the Families First Coronavirus Response Act (FFRCA) was passed 10 months year ago, providing businesses incentives to retain their workforce through various tax relief measures. The Consolidations Appropriates Act passed on December 27, 2020 extended and expanded these incentives through various times in 2021. Here are a few of the relief
Pandemic-Related Payroll and Self-Employment Tax Relief Explained Read More »
Congress passed the Consolidated Appropriations Act (CAA) on December 27, 2020, adding to, and building on, the support provided by the original act passed in May. Part of this 5500-page bill is the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act which provides $284.5 billion of additional funding for the Paycheck Protection Program
Paycheck Protection Program Reopens – What You Need to Know Read More »
Estate planning allows you to put in writing how you want your wealth distributed to loved ones after your death. What if you want to use that wealth to help a family member in need while you’re still alive? This has been an increasingly common and pressing issue in 2020 because of the COVID-19 pandemic
Making Intrafamily Loans and Creating a Family Bank Read More »
While we are all in the same ocean, we aren’t all in the same boat when it comes to the impact the pandemic has had on our lives and businesses. One of the types of businesses particularly hard hit has been live entertainment venues and cultural institutions, which have been all but shuttered due to
Much Needed Help for Entertainment Venues Included in Recent Stimulus Bill Read More »
Back in mid-November, we wrote this article stating that expenses paid with Paycheck Protection Program (PPP) loan proceeds are not deductible. And it was true at the time. We also stated that Congress may act on this, since it was their intent to allow expenses to be deductible, but it was not clearly written into the CARES
PPP Updates from the Stimulus Package Read More »
As the year is coming to a close, it is a good time to review any mutual fund holdings in your taxable accounts and and do what is necessary to avoid potential tax traps. Avoid surprises Near the end of the year, mutual funds typically distribute all or most of their net realized capital gains
Handle Mutual Funds With Care at Year End Read More »
The U.S. Supreme Court ruled in South Dakota v. Wayfair over two years ago. The ruling said that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state. Since that time, most states that collect sales tax have enacted “economic nexus” laws that expand the reach
Have You Reviewed Sales Tax Laws Lately? Read More »
Most of us are ready for 2020 to end. From a tax perspective, however, the end of the year means thinking about the filing status you’ll use when filing your tax return for the year. Partly, it depends on whether you’re married on December 31, 2020. Five different statuses When you file your federal tax
Do You Know Your Taxpayer Filing Status? Read More »
There has been a lot of confusion and discussion about what is, and is not, deductible when it comes to Paycheck Protection Program (PPP) loan funds. While it was clear that loans that are forgiven would not be considered taxable income, there was still the question of whether expenses paid with a forgiven PPP loan
IRS States that Expenses Paid with PPP Loan Proceeds Are Not Deductible Read More »
If you have realized gains during the year and are planning to sell capital assets at a loss to offset to those gains, beware of the “wash sale” rule. Basically, if you sell stock or securities for a loss and buy substantially identical stock shares or securities within the 30-day period before or after the sale date,
Watch Out for “Wash Sales” When Selling Securities Read More »
The COVID-19 crisis has hit all of us, but some more than others. If you own one of the many companies that need to conserve cash and reduce expenditures on equipment this year, you may find that you are not able to claim as many depreciation tax deductions as in the past. However, if your
Do You Need a Cost Segregation Study? Read More »