Preparing a strategy that is both advantageous and tax-efficient might feel daunting at first. Thankfully, there are some things you can do now to keep from overpaying this tax season. Build Your Team of Professionals You might build a team…
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought up questions that significantly impact your personal and financial situation. Now is the time to work on your current tax strategies to make sure…
Important changes to the Child Tax Credit will help many families get advance payments of the Child Tax Credit. Half the total credit amount will be paid in advance monthly payments and you will claim the other half when you…
If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The…
The interest that your savings bonds earn, regardless of whether you receive it, is subject to federal income tax, but not to state and local income tax. It is also subject to any federal estate, gift, and excise taxes as well as any state…
As we wrap up 2020, we are all looking forward to brighter and more COVID-free days ahead. Year-end tax planning has never been more crucial. This year brought new challenges that can impact your personal and financial situations – COVID-19,…
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The…
On August 8, 2020, the president issued an executive order to allow the deferral of certain payroll taxes during the last four months of 2020, and the IRS recently provided related guidance. This has implications for both employers and employees.…
Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep…
As more information has become available over the last few weeks, we want to provide an update regarding the CARES Act to help clarify any questions you may have about this relief package and how it impacts you. There is likely to…