Lost Your Job? Here Are the Tax Aspects of an Employee Termination
Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. [...]
Lowdown on Federal Tax Proposals for Individuals and Businesses
The U.S. Department of Treasury released its "Green Book" in May entitled, "General Explanation of the Biden administration's Fiscal Year 2022 Revenue Proposals." It contains detailed information about President Biden's proposed [...]
As the Economy Warms Up, Will You Be Ready?
Preparing for a surge in demand for your business's products and services doesn't mean you have to go out on a financial limb. But some contingency planning may be in order. [...]
Still Have Questions After You File Your Tax Return?
Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that [...]
The Right Entity Choice: Should You Convert From a C To An S Corporation?
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type [...]
Employees: Don’t Forget About Your FSA Funds
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, [...]
How to Save Taxes in 2020 and Beyond
It's time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings. Here are some ideas to consider before year end. Gaming [...]
Taxpayers Should Know the Difference Between Standard and Itemized Deductions
Information from irs.gov Should you file using the standard deduction, or should you itemize your deductions? Deductions reduce the amount of taxable income when filing a federal income tax return. [...]