New Forms 1099-NEC, “Nonemployee Compensation” and Form 1099-MISC, “Miscellaneous Income,” are due to recipients by February 1st.Read More
Archive for the ‘Tax’ Category
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New Stimulus Package: Tax Changes for Individuals
Here are some of the major tax changes for individuals in the new stimulus package, The Consolidated Appropriations Act, 2021.Read More
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Business Tax Changes in the New Stimulus Package
Here are some of the business tax changes and extenders in the new stimulus bill, the Consolidated Appropriations Act, 2021.Read More
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The QBI Deduction Basics and How to Qualify
Some taxpayers may be able to achieve significant savings with the QBI deduction by taking certain steps at year end.Read More
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IRS Allows SALT Cap Workaround for Pass-Through Entities
The IRS has issued Notice 2020-75 that allows a SALT Cap workaround for pass-through entities such as partnerships and S corporationsRead More
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2020 Tax Saving Strategies for Businesses
If you own a small business, consider the following tax saving strategies to help minimize your 2020 tax bill.Read More
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2021 Inflation Adjustments & Tax Tables
The IRS has issued the 2021 annual inflation adjustments for may tax provisions, along with the 2021 tax rate tables for individuals, trusts and estates.Read More
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Individual Tax Planning Strategies for 2020
Here are some individual tax planning strategies to consider to lower your tax burden as we reach the close of 2020Read More
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Understanding the Passive Activity Loss Rules
The passive activity loss rules can be complex and confusing for some taxpayers. Here’s what you need to know.Read More