The Alternative Minimum Tax (AMT) is a separate income tax that can apply to high income individuals. Nobody wants to pay more tax than necessary, so it’s common for people to take advantage of various tax benefits that reduce their…
Exchange traded funds (ETFs) have exploded in popularity over the past few years, with around $5.4 trillion held in net assets in 2020. If you’re investing in ETFs, it’s important to understand the tax angles. Comparison to Mutual Funds Let’s…
With the 2022 tax season rapidly approaching and the holidays in full swing, the Internal Revenue Service encourages taxpayers to be vigilant in protecting sensitive financial information from identity thieves. The IRS warns that taxpayers face a heightened risk in…
If you travel a lot for business and have been considering the purchase of your own aircraft, you’ll want to be aware of the basic tax rules: In most cases, if you use the plane only for ordinary and necessary…
There’s still time before the end of this year to execute a few strategies to reduce your 2021 tax liability. Here are a few ideas: Take advantage of bonus depreciation. If you purchase new or used equipment, machinery, or office…
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020,…
As part of coronavirus relief legislation, self-employed individuals and household employers were allowed to defer the payment of certain Social Security taxes for the tax year 2020 over two calendar years. Half of this tax is due by the end…
We’re closing in on the end of 2021, and it’s a time when many people consider making year-end gifts to charities and family members. When you transfer cash or other assets to someone else, it may be subject to the…
Many parents struggle to find the balance between setting aside money for their own retirement accounts or to help fund a child’s college education. Here are some things to consider: Retirement Savings If your main retirement savings vehicle is a…
A new law has retroactively ended the Employee Retention Credit (ERC) to apply only through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a recovery startup business. The Infrastructure Investment and Jobs Act, which…