Insights

A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income they get from a trust, but not on any…

Getting older has its perks, including tax breaks. Your income threshold for filing a tax return at all is higher, you get a bigger standard deduction and you can defer or avoid taxes on more money. Below are the details of some tax breaks you’ll qualify for when you turn 65. You qualify for a…

The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. IRA limits have changed for certain savers. If during the…

Sometimes it feels good to get rid of clutter, especially this time of year when the holidays tend to bring more into the house. Cleaning out papers we have kept for years is a good project around this time. But there are some guidelines to be aware of before you put a pile of papers…

Employees in occupations where gratuities are common, such as restaurant waitstaff, have long fallen into a special category when it comes to minimum wage rules. Government regulations allow “an employer to satisfy a portion of its minimum wage obligation to a ‘tipped employee’ by taking a partial credit, known as a ‘tip credit,’ toward the…

Have you been deducting your R&D expenses as they occur? Starting in the new year, that option is obsolete pending any legislation change for year end. You will have to amortize them over multiple years. The IRS will require business owners to amortize Section 174 research expenses, which are qualifying research expenses or “QREs,” over…

As we near the end of another turbulent year, it’s time to discuss the steps you need to take to reduce your tax burden for 2021 (and beyond). Unlike other years, 2021 presents many unique moving parts to the tax puzzle and will require strategic planning to favorably position you for the future. This article…

2021 brought a wave of new tax changes for businesses, and 2022 could bring yet another surge. With the end of the year in sight, there’s a window of opportunity in the fourth quarter to make strategic tax planning moves that will reduce the amount of taxes owed come tax time. Potential tax increases continue…

The Main Street Hiring Credit has been reenacted for 2021, bringing financial relief to small businesses disrupted by COVID. Qualifying small businesses can reserve their credit between Nov. 1 – Nov. 30, or sooner if the $70 million cap is reached first. This year’s hiring credit has been expanded to allow more businesses to qualify…

Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. ASC 842 is intended to “increase…