Tax
If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions This is the minimum amount you must withdraw from your retirement accounts.…
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If you’re a business owner and you hire your child this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, 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,…
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Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable…
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Are you eligible for energy-efficiency tax breaks? The Consolidated Appropriations Act (CAA) extended certain tax breaks for energy-efficient buildings that were set to expire at the end of 2020. So, now may be a good time for eligible real estate owners and developers to review the potential benefits. First, the CAA made permanent the Section…
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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 we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can…
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The Virginia General Assembly has passed legislation to review the fiscal ramifications of changing the state’s corporate income tax to a unitary combined method of a reporting. The Virginia Department of Taxation has begun sending notices to businesses of this reporting requirement. Please do not ignore this notice if you receive one. All corporations must…
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A smart estate plan should leave no doubt as to your intentions. Writing a letter of instruction can go a long way toward clearly communicating all of your thoughts and wishes. The letter, unlike a valid will, isn’t legally binding, but can be valuable to surviving family members. The devil is in the details Although…
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During the COVID-19 pandemic, most people have spent a lot of time at home, inspiring many to clear out some of the clutter in their living spaces. If you’ve decided to tackle the boxes, bins or drawers full of paper files that have accumulated over the years, you may be wondering when it’s safe to…
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Before the COVID-19 pandemic hit, the number of people engaged in the “gig” or sharing economy had been growing, according to several reports. And reductions in working hours during the pandemic have caused even more people to turn to gig work to make up lost income. There are tax consequences for the people who perform…
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Many businesses provide education assistance fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or…
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