Articles

With the passage of the American Rescue Plan Act of 2021 (ARPA), Congress has temporarily abolished the health insurance premium tax credit “subsidy cliff.”  For 2020 and 2021, self-employed and...

President Biden is expected to announce a $6 Trillion dollar budget today and if passed, it will potentially include the word “retroactive” as it relates to tax hikes.  This is...

For many years, thanks to the net operating loss (NOL) provisions, the tax code gave you quick cash in your pocket if you had an overall net loss in a...

For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child...

Did you know that S Corporations (S Corps) could save you a TON in taxes? Aside from the asset protection benefits, most often than not you can usually cut your...

First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP)...

If you are married, most likely you’ve always filed a joint tax return with your spouse. Most of the time, a joint return shows less overall tax than two separate...

Did you know that you can now deduct 100% of the cost of ‘restaurant meals’ for 2021 and 2022? The Consolidated Appropriations Act (CAA, 2021) enacted a temporary exception to...

This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies.  A new law, the PPP Extension Act of 2021, extends the expiration date to...

If you receive payments electronically (think Paypal, CC, etc) your tax situation may be changing. We just wanted to let you know that the IRS is planning to bring some...

For the 2021 tax year only, the American Rescue Plan Act of 2021 (ARPA) makes big, taxpayer-friendly changes to the federal income tax child tax credit (CTC).  Here’s what you...

Members of the tax community struggle with the “solo corporate owner” qualification for the employee retention credit (ERC). The IRS in one of its answers to frequently asked questions explains...

The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021.  That’s thanks to...

With the Consolidated Appropriations Act, 2021, millions of small-business owners now qualify for the employee retention credit (ERC), thanks to three big changes: You can now obtain the ERC and...

You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you...