The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until [...]
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a [...]
The IRS has issued new proposed regulations that define what constitutes real property to determine eligibility for tax-deferred Section 1031 "like-kind" exchanges. Importantly, the proposed regs allow personal property that's [...]
The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct 50% of the cost [...]
We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Are your taxes lower than before the law went into [...]
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in [...]
The Tax Cuts and Jobs Act (TCJA) introduced a new deduction for individuals, estates and trusts that own interests in so-called "pass-through" business entities for 2018 through 2025. The deduction can [...]
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people [...]
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also [...]
It costs a pretty penny to send a child to college or private school these days. But at least the federal tax code may provide some relief, within certain limits. [...]
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more generous, but temporary, rules for 2018 through 2026. Recent [...]
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state [...]
Teachers often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this [...]
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. The IRS recently issued guidance in the form of proposed regulations. The business [...]
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And [...]