Tax benefits for holiday gifts? There can be….! Every year – usually right after Thanksgiving – we start receiving questions about possible tax benefits resulting from gifts. Here are a few examples of gifts that can give back – in tax benefits! Tax Benefits For Holiday Gifts – The Gifts that Give Back! Electric Car …
Tax Blog
Congress Terminates the Employee Retention Credit Early
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
Congress Terminates the Employee Retention Credit EarlyRead More
10 End of Year Tax Saving Strategies to Consider
If you’re looking for year-end tax saving strategies, we have a few to share. It just seems hard to believe that the holiday season is almost upon us. Mainly because right after turkey and trees, comes the 2021 tax preparation season! With the end of the tax year just around the corner, tax-savvy individuals need …
Video Tip: The End to Backdoor Roth IRA Conversions?
Are backdoor Roth IRA Conversions a thing of the past? Possibly. New legislation has been proposed that could limit the ability of high-income earners to take advantage of Roth IRA conversions. Watch this video for a detailed explanation of the proposed legislation and how it might affect you. Have a question about this topic? Please …
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Businesses Facing Challenges as They Adapt to Remote Workers
Adapting to remote workers has been the greatest challenge for businesses, especially managers, in 2021. According to one recent study, nearly half of all employees switched to working remotely in 2020 during the onset of the COVID-19 pandemic. Almost overnight, local and state lockdowns went into effect on all services deemed non-essential. This means that …
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Fall Tax Planning For 2021: 22 Winning Tax Opportunities
Ready to talk about fall tax planning strategies to set you up for the new year? Taxes are like vehicles – they need a periodic check-ups to make sure they are performing as expected. And if ignored, little issues can turn into BIG ones, costing you money. It’s smart to be proactive and stay on …
Fall Tax Planning For 2021: 22 Winning Tax OpportunitiesRead More
IRS Delays Due to COVID Is Wrecking Havoc
There is no doubt that the IRS delays due to COVID-19 is causing considerable taxpayer stress. Before the COVID-19 pandemic, the IRS was issuing refunds and working through returns relatively quickly. They consistently responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused …
What is the Best Response To An IRS Letter?
Knowing exactly what the best response to an IRS letter could be is always a tricky question. You just never know if that IRS letter is bringing good news or bad news. It usually just provides more information about your account. However, an IRS letter often also requires you to take an action – which …
Consider These 8 Tax Breaks For Grandparents
If you are looking for tax breaks for grandparents, you are not alone! More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent. This accounts for approximately 9% of all children …
