Happy New Year!
Photo by mehrab sium on Unsplash Source
Happy Holidays!
Photo by Isabela Kronemberger on Unsplash Photo by Isabela Kronemberger on Unsplash Source
An Unexpected Christmas Present to Business Owners from the IRS
The IRS as Santa Claus? A gift under the tree that every business owner should want to open! Often the IRS makes new tax rules in reaction to a natural disaster, such as extending the filing deadline for Kentuckians after devastating tornadoes struck. Other rules are put in place to deal with changing financial dynamics, [...]
If You Give to Charities or Have Plans to In the Future, It’s Not Too Late to Cut Your Current Tax Bill in Half!
Many people have the intention of doing a better job of “tax planning” in order to start having more favorable outcomes, but busy lives and life interruptions can leave them little time. If this is you, you’re not alone. Time flies even in normal times, but with the current stressful environment, everyone is scrambling even [...]
Time to Give, but Also Receive (from Uncle Sam)!
At the end of the year the Salvation Army red kettles come out, the bells ring and the charitable organizations turn up their activities for fundraising, hoping to appeal to the holiday spirits of people, and in some cases the tax planning needs of businesses and corporations as well! Speaking of charitable giving and tax [...]
Happy Thanksgiving!
From our family to yours, have a safe and happy holiday weekend! Source
It’s Stock Loss Harvesting Time
Many investors have had success this year, which might mean that capital gains tax reporting is on it’s way to their 2021 tax returns. If you own stocks you love and you didn’t sell this year, then you have no tax issues, so no problem for the direct buy and hold group. However, many people [...]
The 2022 Tax Code Adjustments Are Out…But Are They Reliable?
The Journal of Accountancy has released these 2022 tax rates from the IRS: The 2022 standard deduction will be $12,950 for single taxpayers (and married individuals filing separate returns), $25,900 for married taxpayers filing jointly, and $19,400 for heads of household, which for 2021 are $12,550, $25,100, and $18,800, respectively. Other changed amounts for 2022 [...]
“Don’t Let the Tax Tail Wag the Dog!” Can Be Bad Advice
In the “old days”, you went to the general store for your dry goods, the blacksmith for your horseshoes or tool repair and likely had your own cow and chickens for milk and eggs. Fast forward, you went to a lawyer to get a will, an insurance rep to get a policy and an accountant [...]
Tax Planning and COVID: Extract Some Good From the Bad
The events of the past few years have brought significant changes to the lives of almost everyone, and our financial future as a country is tenuous as a result! As Fall takes hold, there is still time to at least make one glass of lemonade from all the lemons, but people need to put time [...]