Act now before historic estate, gift tax exemptions expire
Time is of the essence when it comes to estate planning. In just a couple years, the estate and gift tax exemption amounts could be cut in half, resulting in the potential loss of millions in tax savings. The Tax Cuts & Jobs Act of 2017 (TCJA) significantly increased the exemption amounts for gift and estate […]
Making a qualified charitable distribution is a good way to end the year
Year-end is just around the corner, but there is still time to make some tax-saving moves before 2022 comes to a close. Taxpayers who are age 70 ½ or older can transfer up to $100,000 tax-free to a charity via a qualified charitable distribution (QCD) by the end of the tax year. Making qualified charitable […]
Here’s your bonus: Depreciation and Section 179 expensing
The year-end is just around the corner, but there’s still time to make some tax-saving moves. If you made any large purchases for your business this year, one strategy is to take advantage of depreciation. Two categories allow 100% depreciation to be taken in the year equipment and fixed assets are purchased or placed in […]
Home sweet home: Do you qualify for office deductions?
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you […]
Why donor-advised funds are worth a second look
It goes without saying that 2020 has been a year unlike any other, which makes relying on your trusted business and tax adviser for year-end tax planning even more important. We have offered 10 year-end tax strategies that you can take advantage of now, but there is one in particular that we want to discuss […]
Summer is a good time to plan for next year’s taxes
The slower summer months are an ideal time to review your tax position and prepare for next year’s tax return.
Looking to the future: Biden’s proposed tax plan
Between a more urgent need for Covid relief, economic stimulus and a narrowly divided Congress, Joe Biden’s proposed tax plan may not get much traction in the early days of his administration. It is important, however, to take a look at the president-elect’s priorities that may inform more targeted legislative actions. Below is a snapshot […]
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 […]
Electric Honda, Volvo models eligible for vehicle credit
Electric vehicles are becoming more popular, and the IRS has added several 2021 model year Honda and Volvo vehicles to the already growing list of vehicles eligible for the plug-in electric drive motor vehicle credit. A tax credit of $2,500, plus an additional amount based on battery capacity, up to $7,500 is offered for qualified […]
5 things to know about bonus depreciation
Year-end tax planning is underway, and you may be eligible for a bonus. New and most used property placed in service in 2020 may be eligible for 100% bonus depreciation. In the past, used property did not qualify for bonus. It currently qualifies unless the taxpayer previously used the property and the property was acquired […]
