Tax

Changes In Store for Estate & Gift Tax Planning

By Anne Zavaglia, CFP® & Clint Edgington, CFA There are several bills that have been introduced in the Senate that would have a serious impact on the estate tax and assets that are passed to heirs.  These potential changes may become a reality if the American Jobs Plan and American Families Plan, which were recently …

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Tax Increases on the Horizon

President Biden has been a proponent of raising taxes on those earning more than $400k per year. This is in addition to reverting the Estate and Gift Tax rates to pre – 2009 levels, when tax rates were 45% and the exemption amount was $3.5mill per individual.  The President also supports eliminating the step-up in …

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Is Your Home Office Also a Tax Shelter?

The pandemic ushered in the age of video meetings, providing a glimpse into many kinds of home workspaces. For many workers, a dedicated home office became more important than ever in 2020, though not everyone will get a tax break for having one. A Perk for Business Owners Only self-employed workers, independent contractors, and partners …

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The IRS Provides Guidance on the Employee Retention Credit

The Internal Revenue Service (IRS) released new guidance this week for employers that are claiming the Employee Retention Credit for 2020. The guidance applies to qualified wages paid between March 12, 2020 and December 31, 2020. At the end of last year Congress passed a relief bill allowing businesses that received Paycheck Protection Program (PPP) …

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Tax Filing Due Date Extended

The IRS has extended the Federal Tax Filing deadline for individuals to May 17, 2021! State taxes are still due April 15, unless your state changes it, or you live in a disaster relief area. Taxpayers can also postpone their federal income tax payments for the 2020 tax year to May 17, 2021, without penalties …

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