Category: Exemptions

  • EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    EIDL, Restaurant Grants Offer Relief to Struggling Small Businesses

    The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses in many of its provisions. If you own a small company, you may want to explore funding via the Small Business…

  • Will You Have to Pay Tax on Your Social Security Benefits?

    Will You Have to Pay Tax on Your Social Security Benefits?

    If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your…

  • Hire Your Children This Summer:  Everyone Wins

    Hire Your Children This Summer: Everyone Wins

    If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, Realize payroll…

  • Three Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

    Three Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

    When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree…

  • The Tax Impact of the TCJA on Estate Planning

    The Tax Impact of the TCJA on Estate Planning

    The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for…

  • Get Started on 2018 Tax Planning Now!

    Get Started on 2018 Tax Planning Now!

    With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for…

  • Personal Exemptions and Standard Deductions and Tax Credits – Oh, My!

    Personal Exemptions and Standard Deductions and Tax Credits – Oh, My!

    Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for individuals, reducing or eliminating some while expanding others. The total impact of…