News

Tax Update September 30, 2021 – Business Tax Breaks and the Self Employed

There are lots of breaks for buyers of business vehicles under the tax laws. The annual depreciation caps for passenger autos rise a bit in 2021. If bonus depreciation is claimed, the first-year ceiling is $18,200 for new and used cars first put in service this year. The second- and third-year caps are $16,400 and …

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Tax Update August 2021

Businesses can deduct 100% of restaurant meals in 2021 and 2022. The late 2020 stimulus law provides temporary relief from the 50% haircut that normally applies to the business meals write-off. The easing applies only to food and beverages purchased at a restaurant for takeout or dining in at the establishment.  Client meals and meals …

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Year End Tax Update

December 13, 2020 Don’t waste the annual gift tax exclusion. You can give up to $15,000 to each child, grandchild, or any other person in 2020 without having to pay gift tax or tap your lifetime estate and gift tax exemption. Your spouse can also give $15,000 to the same donee, making the tax-free gift …

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October 1, 2020 Tax Update

The one-year suspension of required minimum distributions can be a blessing to some retirees who don’t otherwise need the funds. The money can continue to grow  tax-free in the IRA, 401(k) or other defined-contribution plan for another year. But it also puts a glitch in a popular income tax withholding strategy. Tax withheld at any …

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December 2019 Tax Update

Have income from rental properties you own? You may be eligible to take a juicy tax break: The 20% qualified business income deduction., Subject to a litany of rules, self-employed individuals and owners of S corporations, partnerships and LLCs can write off 20% of their qualified business income. QBI is your allocable share of income …

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