Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.

2021 Last Minute Tax Tips on Buying a Vehicle

Here’s an easy question: Do you need more 2021 tax deductions? If yes, continue reading. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second...

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2021 Last Minute Retirement Tips

The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are four things to consider. 1. Establish Your 2021 Retirement Plan First, a question: As you read...

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2021 Last-Minute Year-End Medical Plan Strategies

All small-business owners with one to 49 employees should have a medical plan for their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have 49 or fewer...

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2021 Last-Minute Section 199A Tax Reduction Strategies

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with an unsatisfactory $0 for your deduction amount. We’ll review three year-end moves that (a) reduce your income taxes and (b) boost your Section 199A...

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ARPA Liberalizes the Earned Income Tax Credit Rules

The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021. That’s thanks to liberalizations included in the new American Rescue Plan Act (ARPA). Some of the favorable changes are only for...

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ARPA Adds Dollars to the Child and Dependent Care Tax Credit

The new American Rescue Plan Act (ARPA) makes major, but temporary, changes to the federal income tax child and dependent care credit (CDCC). Except for when it comes to high-income taxpayers, the changes are all favorable. To understand the changes, let’s first...

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