News
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...
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...
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...
2021 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
If you are thinking of getting married or divorced, you need to consider December 31, 2021, in your tax planning. Also, do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes...
2021 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2021 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the...
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...
2021 Last-Minute Year-End General Business Income Tax Deductions
Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business...
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...
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...