2021-2022 Year-end Tax Planning Guide
Dear Clients and Friends, Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you in 2021, we’re pleased to present this tax planning […]
Cost Segregation Study and Tax Deductions
A cost segregation study is one way to boost cash flow If your business is planning to buy, build, or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reduce your taxes, and boost your cash flow. Even if you’ve invested in real property in previous years, you may have […]
Household Workers and Taxes
Are you liable for “nanny taxes”? If you employ household workers — which may include nannies, babysitters, housekeepers, cooks, gardeners, health care workers, and other employees — it’s important to understand your tax obligations, commonly referred to as “nanny taxes.” Here’s a quick review. Which workers are covered? Simply working in your home doesn’t necessarily […]
Out-of-State Remote Workers
Working remotely from “out of state” can be taxing The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase in your state tax bill. During the pandemic, it’s been fairly common for people to work remotely from […]
Rental Real Estate Business or Investment
Rental real estate – Determining if a property is a business or an investment If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Section 199A deduction for certain sole […]
Section 529 College Savings Plan
Oops, you overfunded your 529 plan Some might consider it a good problem to have – – saving too much money for college. But if the money is held in a Section 529 college savings plan, there could be tax consequences to overfunding the account. The taxman giveth 529 plans are tax-advantaged accounts designed to […]
Tax Deductions for Business Meals
When can you deduct business-related meals . . . and how much can you deduct? The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, you can no longer deduct any of the cost of taking clients out for a round of golf, […]
Tax Planning Tips for Retirees
There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions, and withdrawals from retirement accounts increases their income in retirement and may […]
