🖨 Print⏱ 3 min readThe Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan created a new version. The updated version of this tax credit could have a beneficial impact on Americans struggling through the COVID-19 pandemic. There are changes to many aspects of the … Continue reading “Everything There is to Know About the New Child Tax Credit”
🖨 Print⏱ 3 min readThe recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what … Continue reading “Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill”
🖨 Print⏱ 3 min readGood tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions … Continue reading “Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19”
🖨 Print⏱ 5 min readIn late December, Congress passed the Consolidated Appropriations Act, which in addition to providing COVID-19 relief provisions also included many tax provisions and extenders. The Act contained many COVID-related tax provisions, as well as a slew of extenders ranging from one year to permanent. This article will focus on the miscellaneous … Continue reading “New Year-End Tax Provisions”
🖨 Print⏱ 4 min readWhile excise or vice taxes have long been a part of the American tax landscape related to alcohol and cigarettes, the recent invention of vaping and legalization of marijuana and other substances is changing the landscape. What Are Excise Taxes? Excise taxes are taxes on specific types of consumable products such … Continue reading “Paying the Price for Vice: The Evolving Landscape of Excise Taxes in America”
🖨 Print⏱ 3 min readThe Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes. Increases Announced for 2021 Workers are facing a 3.7 percent increase in the taxable wage base subject to Social Security taxes, increasing the amount from $137,700 up to $142,800. This means high earners … Continue reading “2021 Social Security Tax and Benefit Increases Announced”
🖨 Print⏱ 4 min readThis has been a year of economic and tax uncertainty with the impact of the COVID-19 pandemic, potential stimulus bills, and the presidential election. As a result, tax planning may be more important than usual this year. To help guide you, we will cover six year-end tax planning strategies – three … Continue reading “Our Top 6 Year-End Tax Planning Tips”
🖨 Print⏱ 3 min readThe Senate Republicans’ slimmed-down stimulus bill recently failed to materialize after receiving less than the 60 votes needed to move forward. The “skinny” stimulus bill, with a price tag of only $650 billion, was intended to be a way to quickly inject stimulus into the economy and bypass both the multi-trillion-dollar … Continue reading “What’s Next for a Stimulus Bill?”
🖨 Print⏱ 3 min readNo surprise, but Americans are consuming and spending less since the coronavirus kicked in. Retail sales dropped to 8.7 percent in March, the largest month-over-month decline since the Census Bureau started tracking this data. Previously, the sharpest decline was less than half this – at 3.9 percent from October 2008 to … Continue reading “3 State Level Tax Hikes That Might Be Coming Due to COVID-19”
🖨 Print⏱ 3 min readAs the economic impact of COVID-19 lingers and an impending second wave is on everyone’s mind, Congress is already thinking of new legislation to stimulate the economy. One of the ideas on the top of the list is an expansion of the Research and Development (R&D) tax credit as part of … Continue reading “R&D Tax Credits May be Part of the Next Tax Relief Bill”
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