Tax season is approaching rapidly, so it’s time to start preparing for a smooth and successful filing deadline. Getting your ducks in row early can save you from a major headache in April so, whether you’re going it alone or working with an accountant, it’s always best to get started as soon as possible. You […]
In 2020, the US Congress passed the CARES Act to help ease pandemic-related difficulties for small businesses and taxpayers. One of the act’s key provisions allowed some taxpayers to take a self-employment tax deferral. Across the country, many businesses and self-employed individuals took advantage of the deferral. However, a key deadline for deferred tax payments […]
The federal government wants businesses to adopt sustainable energy, and they’re offering tax breaks to incentivize business owners. Businesses who make the leap can get tax credits, rebates, and more. The alternative motor vehicle credit helps offset some of the costs associated with switching to sustainably fueled vehicles, but it’s only available for certain vehicles. […]
The end of the year is always a busy time of year. While you may be focused on the upcoming holidays, it is also a good idea to run through your year-end tax planning checklist. As we prepare to close the book on 2021, there are a few key things to get in order to […]
Are you sitting on extra undeveloped land? Putting it into a land conservation easement could earn you substantial tax savings. However, the process involves multiple steps and third parties. Fortunately, this land conservation easement guide can answer most of your questions. What is a Conservation Easement? A land conservation easement represents an agreement between a […]
Identify theft is running wild in the US, and tax returns are a prime target for bad actors. To combat this issue, the IRS started assigning IRS identity protection pins in January of 2011. These six-digit numbers protect taxpayers’ identity and make it easier for the IRS to process your return. What is an IRS […]
When it comes to filing your taxes, there are a couple of different ways you go about it. You can file a paper return by mail, or you can e-file. In this day and age, e-filing is the most common way to file your returns. It is quick, efficient, and secure. With that being said, […]
The IRS typically affords tax breaks to taxpayers with qualifying dependents to compensate for their additional costs. The most prevalent type of dependent is children, but qualifying relatives often include adults and other individuals in your household. However, your claimed dependents must pass the qualifying relative test to count. This guide covers the latest IRS […]
For high net worth individuals, tax strategies and investing go hand-in-hand. If you’re not diligent about the tax consequences of your investments, you may owe the IRS far more than anticipated. As such, these wealthy individuals often ask our team about the potential tax savings of different investments. Recently, we’ve fielded questions about investing in […]
There’s been a lot of talk in the news recently about Congress raising taxes on the wealthy. Regardless of what the final legislation looks like, high earners can expect some increase in taxes. If you fall into this category, you should take steps now to start implementing some tax-saving strategies. In this vein, our clients […]