tax

Your estate plan: Don’t forget about income tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted…

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Social Security benefits: Do you have to pay tax on them?

Social Security benefits: Do you have to pay tax on them? Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of…

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How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about…

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Defer tax with a like-kind exchange

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind…

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power of attorney

Complete Your Estate Plan by Adding a Power of Attorney

As you create your estate plan, your main objectives likely revolve around your family, both current and future generations. Your goals may include reducing estate tax liability so that you can pass as much wealth as possible to your loved ones. But it’s also critical to think about yourself. What if you become incapacitated and…

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Word to the Wise – File Your Taxes Electronically and Request Direct Deposit of Refunds or Pay Balance Due Online

Word to the Wise – File Your Taxes Electronically and Request Direct Deposit of Refunds or Pay Balance Due Online

This is the year to take the leap to e-file, to pay online, or request direct deposit of any refunds.  The IRS has an enormous backlog of mail, an incredible amount of programing work for the upcoming filing season, and the potential for more legislation related economic stimulus on the way. The National Taxpayer Advocate…

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employee withholding

Business, the Remote Worker, and Taxes, Part I: Employee Withholding

Congratulations business owner! You’ve pivoted your business and learned how to keep your business going when your employees were ordered to stay at home. You have communicated with your clients and customers and found new ways to accomplish tasks. Breathe. Now that you have handled all the immediate pressing work of being a business owner…

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depreciation

Small Businesses: Cash in on Depreciation Tax Savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate…

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