2021 individual taxes: Answers to your questions about limits
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…
5 Valuable Tax Credits for 2020 Individual Returns
Individuals who are eligible for federal income tax credits can significantly lower their tax obligations. It's important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a…
Important Tax Figures for 2021
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social…
Cash isn’t Always King
When working with business owners, we sometimes see a significant amount of cash held in the business checking account or some type of interest-bearing account. This may be for many…
The Status of Temporary COVID Tax Relief Measures After the New Law
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020. This article explains the current status of…
Plan Ahead for Annual Limit Adjustments for HSAs, 401(k) Plans, Business Mileage and Other Benefits
As we enter 2021, be sure you understand the recent changes to annual limit adjustments to a number of benefit programs and also a reduction in business mileage. We’ve summarized…
Maximize your 401(k) plan to save for retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a…
Beware: Several CARES Act Tax Provisions Will Soon Expire
The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin…
2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills — and possibly lay the groundwork to save taxes in future years.…
Year-End Moves for Charitable Donations
'Tis almost the season for charitable giving. Besides helping a worthy cause, your donations may qualify for a festive write-off on your 2020 tax return if you qualify. Here are five…