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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Tax Update – June, 2019 -Here are some general updates to the tax code for 2019!

The income levels to qualify for the health premium credit in 2019 go up. The credit is available for people with household incomes ranging from 100% to 400% of the federal poverty level…$12,140 to $48,560 for singles and $25,100 to $100,400 for a family of four…who buy health insurance through one of the exchanges.  Individuals

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