Educate yourself about the revised tax benefits for higher education

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The recently enacted Consolidated Appropriations Act made some changes to the tax […]

IRS clarifies position on PPP loan expenses

Please remember: Covid-19 pandemic is an unprecedented event and the PPP loans are a unique response to this crisis. Therefore, there is no prior precedent for taxability and the IRS is establishing its rationale for its decision. The IRS has issued a ruling this week that clarifies its position that expenses paid with PPP loan funds will […]

Tax-smart domestic travel: Combining business with pleasure

Summer is just around the corner, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you […]

Taxes are filed, now where is your refund?

Have you filed your taxes this year but still not received your refund? The best resource to check the status is through “Where’s My Refund” on the IRS website. Using this online tool, taxpayers can check on the status of their return within 24 hours after the IRS receives an e-filed return or four weeks […]

Fundamental tax truths for C corporations

The flat 21 percent federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same: C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed […]

Tax law makes planning for investments more complicated

For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you also need to keep in mind the impact of the […]

3 traditional midyear tax planning strategies that hold up post-TCJA

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more […]

Tax reform: Here’s how you are affected

Congress passed the “Tax Cuts and Jobs Act” on Dec. 21, 2017.  Many of the provisions in the Act begin after Dec. 31, 2017, and expire by Jan. 1, 2026.  There is a lot to digest and we will have continuing communication with you to more fully explain these changes to the tax law, how […]