2021 Year-End Tax Planning for Businesses
As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations…
2021 Year-end Tax Planning for Individuals
As we approach year end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring,…
Benefits of Lowering Adjusted Gross Income
Taking steps to reduce your income can reduce your overall tax burden. Individual taxpayers may be able to reduce their taxable income through deductions if they meet the qualifications and…
Most retirees must take required minimum distributions by Dec. 31
A quick reminder that retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by Dec. 31. Required minimum distributions (RMDs) generally…
What taxpayers can do now to get ready to file taxes in 2022
There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022….
Holiday scam reminder: Gift cards are never used to make tax payments
This holiday season the IRS reminds taxpayers, the agency won’t ask for or accept gift cards as payment for a tax bill. However, that doesn’t stop scammers from targeting taxpayers…
Important charitable giving reminders for taxpayers
Yesterday’s Giving Tuesday was the kickoff of the season of charitable giving. The IRS encourages taxpayers to research charities before donating and to familiarize themselves with the expanded tax benefits…
What small business owners should know about the depreciation of property deduction
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an…
IRS provides guidance on per diem rates and the temporary 100% deduction for food or beverages from restaurants
The Internal Revenue Service recently issued Notice 2021-63 to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers properly applying the rules…
IRS announces changes to retirement plans for 2022
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency…
