With the passage of the American Rescue Plan Act of 2021 (ARPA), Congress has temporarily abolished the health insurance premium tax credit “subsidy cliff.” Before 2021 Until 2021, you were required to pay up to 9.83 percent of your MAGI for PTC coverage (based on the cost of a silver benchmark plan), and the PTC …
No More Health Insurance Premium Tax Credit Cliff Diving! Read More »
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020. Last month I did a blog on Business Tax Breaks. With all the changes that took place in …
The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020. And when you operate a business, you have a variety of tax breaks available. The recently enacted Consolidated Appropriations Act extends and expands some of the breaks. We bring the following selection of them to your attention as a tax-strategy buffet. Business …
Bad things can happen to good business property causing Business Casualty Losses. Fires, floods, freezes, and other disasters can damage or destroy the personal or real property you use to keep your business up and running. If property such as an office building, rental property, business vehicle, or business furniture is damaged or destroyed in …
No Disaster? You Can Still Deduct Business Casualty Losses! Read More »
Last month, we did two Blog articles dіѕсuѕѕіng thе tax іѕѕuеѕ thаt arise whеn a financially соmfоrtаblе lоvеd one hаѕ passed away. Read Part 1 Read Part 2 In this Blog, wе dive іntо ѕоmе оf thе nоn-tаx іѕѕuеѕ уоu will have tо dеаl with as thе еxесutоr оf thе еѕtаtе for that loved one. …
When a Loved One Passes: Key Non-Tax Financial Issues Read More »
Tax Thoughts When a Loved One Passes Away (Part 1) If a loved оnе раѕѕеѕ аwау аnd you serve аѕ thе еxесutоr or іnhеrіt аѕѕеtѕ, you nееd tо consider уоur dutіеѕ аnd ѕо some tax рlаnnіng. Thе Exесutоr’ѕ Rоlе When a lоvеd one раѕѕеѕ аwау, ѕоmеоnе must handle the resulting fіnаnсіаl fallout, including thе …
Tax Thoughts When a Loved One Passes Away (Part 1) Read More »
Know These Divorce-Related Tax Issues for Small-Business Owners As with all financial transactions, divorce-related tax issues have consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA). General Rule The general tax rule in a divorce is that you can divide up most …
Divorce-Related Tax Issues – How They Effect Small-Business Owners Read More »
This article a follow-up to Home-Office Tax Deduction – What Happens When I Have A Retail Office? and Is Your Administrative Home Office a Principal Office? The office-in-the-home deduction produces good-to-excellent cash benefits when it eliminates commuting mileage. That’s the result you achieve when you claim an administrative office in your home. To qualify for …
Beware: Home Office with More than One Business or Spouse Invasion Can Cause Problems Read More »
Whether a worker is an employee or independent contractor, the rules are complex. But it’s important to get it right, because when you misclassify an employee as an independent contractor, you open the door to significant legal and financial troubles. What is an independent contractor? An independent contractor is a worker who is responsible for …
Is Your Independent Contractor Really an Employee?… 7 Guidelines Read More »
This is a little more in-depth look at the Home Office Deduction we touched on in Is Your Administrative Home Office a Principal Office? The article is about Eddie Fiss, a self-employed Consultant. He works 40 hours a week at the small downtown office that he owns, and 12 hours a week working at a …
Home-Office Tax Deduction – What Happens When I Have A Retail Office? Read More »