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Articles

How Recent Tax Changes are Making Health Care More Affordable

Date: June 1, 2021

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...
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Tax Hikes May Be Released TODAY In New Whitehouse Release

Date: May 29, 2021

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...
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When it Pays to Lose, Net Operating Loss Carrybacks

Date: May 25, 2021

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...
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Billions More in Tax Breaks for Americans with Children

Date: May 17, 2021

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...
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S Corp Secrets

Date: May 6, 2021

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...
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The Best of Both Worlds

Date: May 3, 2021

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)...
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Benefit from Filing Separately

Date: April 30, 2021

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...
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Get credit for going out

Date: April 24, 2021

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...
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Last Chance, PPP Expiring SOON

Date: April 22, 2021

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...
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Changes are Coming

Date: April 21, 2021

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...
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Higher Tax Refunds for Parents

Date: April 5, 2021

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...
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Solo Corporate Owners Qualify for ERC

Date: March 25, 2021

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...
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$7 billion in unclaimed credits each year

Date: March 1, 2021

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...
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When it Pays to have Employees

Date: February 12, 2021

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...
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Get a 6 Figure Tax Break to Start a Business

Date: February 3, 2021

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...
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