Facebook Linkedin Twitter

Tax Planning

Estimated tax payments: The deadline for the first 2021 installment is coming ups

AGI (Adjustable Gross Income), Annualized Income Method, Capital Gains, Income Tax, Tax, Tax Deadlines, Tax Planning /

April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021 if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money, or other income. […]

Estimated tax payments: The deadline for the first 2021 installment is coming ups Read More »

Retiring soon? Recent law changes may have an impact on your retirement savings

Independent Contractors, Retirement, Tax, Tax Planning, The SECURE Act /

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of

Retiring soon? Recent law changes may have an impact on your retirement savings Read More »

What are the tax implications of buying or selling a business?

Business Income Tax, C Corporation, Federal Income Tax, Partnerships, Past-Through Entities, S Corporation, Small Business, Tax Planning /

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal. Under current tax law,

What are the tax implications of buying or selling a business? Read More »

Did you make donations in 2020? There’s still time to get substantiation

(CARES ACT), 2020 Tax Return, Charitable, Deductions, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Itemized Deduction, Tax, Tax Deduction, Tax Planning /

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required. To support a charitable

Did you make donations in 2020? There’s still time to get substantiation Read More »

2021 individual taxes: Answers to your questions about limits

2020 Tax Return, Charitable, FICA, Income Tax, Itemized Deduction, Social Security, Tax, Tax Deduction, Tax Planning, Tax Savings /

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to acquaint yourself with tax amounts that

2021 individual taxes: Answers to your questions about limits Read More »

View your financial statements through the right lens

Accounting, Assets, Financial Statements, Small Business, Tax Planning /

Many business owners generate financial statements, at least in part, because lenders and other stakeholders demand it. You’re likely also aware of how insightful properly prepared financial statements can be — especially when they follow Generally Accepted Accounting Principles. But how can you best extract these useful insights? One way is to view your financial

View your financial statements through the right lens Read More »

Don’t forget to take required minimum distributions this year

(CAA) Consolidated Appropriations Act of 2021, (CARES ACT), Investment, IRA, Required Minimum Distributions (RMD), Roth IRA, Tax Planning /

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021,

Don’t forget to take required minimum distributions this year Read More »

The right entity choice: Should you convert from a C to an S corporation?

Business Income Tax, C Corporations, Deductions, Employees, Income Tax, S Corporations, Shareholder, Small Business, Tax, Tax Planning /

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should

The right entity choice: Should you convert from a C to an S corporation? Read More »

The QBI deduction basics and a year-end tax tip that might help you qualify

Limited Liability Company, LLC, Partnerships, Qualified Business Income Deducton (QBI), S Corporation, Small Business, Sole Proprietors, Tax, Tax Deduction, Tax Planning /

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole proprietorships, single-member limited liability companies (LLCs), partnerships, and S corporations, as well as

The QBI deduction basics and a year-end tax tip that might help you qualify Read More »