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NEW Tax Rules for 2020!

Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a...

Leveraging Gift Rules to Your Advantage

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to...
PPP Loan Expenses Are Now Tax Deductible

PPP Loan Expenses Are Now Tax Deductible

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the...
2021 Retirement Plan Limits

2021 Retirement Plan Limits

As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution...

To Amend or Not Amend?

Is it always a good idea to amend your tax return if you find an error? There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here...

Tax Savings for Non-Itemizers

Can’t itemize? There are still tax breaks for you A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you now have few additional benefits available to reduce your tax bill. This is often not the...

Tips to Organize Your Tax Records

Creating order out of chaos. As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. Keep it all in one place. It seems obvious, but how often have you found yourself...
Paycheck Protection Program (PPP) Round 2 FAQ

Paycheck Protection Program (PPP) Round 2 FAQ

On Monday, January 11, 2021 the SBA re-opened the Paycheck Protection Program (PPP). Over the past few weeks, we have been busy understanding and preparing for the most important questions you might have about receiving a Second Draw PPP Loan for your small...