What’s in the Covid relief bill: Recovery rebates, extended unemployment and more

The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, the CAA contains another round of direct payments to individuals, extended unemployment insurance and […]

Approach conservation easements with caution

Donating large tracts of land to a charitable organization in exchange for a sizable tax deduction sounds like a win-win, but is it? We are hearing of more and more partnerships or LLCs becoming involved in syndicated conservation easement transactions, in which the partnership or LLC purchases land for the purpose of donating the property […]

10 year-end tax strategies to take advantage of now

In just a few months, 2020 will come to a close. There is still time, though, for strategic tax planning before the end of the year. The following are the top 10 tax strategies you can take advantage of now. Qualified Improvement Property – Review your 2018 and 2019 reinvestments to see if additional depreciation […]

CARES Act changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief, […]

IRA charitable donations are an alternative to taxable required distributions

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision […]

Clear these hurdles to benefit from deducting investment interest expense

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you […]

Charitable IRA rollovers may be especially beneficial in 2018

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the […]

Beware of fake charities scams in wake of Hurricane Florence

When disaster strikes, many people feel moved to help their fellow citizens – either by physically pitching in to help with cleanup or by donating to various charities that can help distribute needed resources. Unfortunately, there are opportunists who see these circumstances as fertile ground for making a quick buck by exploiting peoples’ goodwill and […]

New law boosts Georgia HEART Tax Credit

The tax credit for making a charitable donation to rural hospitals in Georgia just got a significant boost, but you may want to act quickly to take full advantage of the benefits. The Georgia HEART Hospital Program, which came into effect the first of 2017, awards Georgia income tax credits to individual and corporate taxpayers […]