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Dear Valued Client,
There is a lot of noise in the media and Washington, D.C. about proposed tax law changes. With this, we have continued our coverage of some of the proposals found in the Treasury’s “Green Book.” Please note these are all concepts that are up for debate and are not tax law yet. We will continue to monitor events and help you plan accordingly.
In addition, in this month’s newsletter we cover special tax rules for house flippers, mortgage refinance considerations, benefits of 401(k) plans, the huge IRS backlog of tax returns, entrepreneur success stories, and much more.
It would be best if you talked to us before making any significant tax or business decisions.
If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
There is a lot of noise in the media and Washington, D.C. about proposed tax law changes. With this, we have continued our coverage of some of the proposals found in the Treasury’s “Green Book.” Please note these are all concepts that are up for debate and are not tax law yet. We will continue to monitor events and help you plan accordingly.
In addition, in this month’s newsletter we cover special tax rules for house flippers, mortgage refinance considerations, benefits of 401(k) plans, the huge IRS backlog of tax returns, entrepreneur success stories, and much more.
It would be best if you talked to us before making any significant tax or business decisions.
If you or your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
The Treasury Green Book of Biden Proposed Tax Changes
The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress. The Green Book proposals include both domestic and international taxes; however, this article will only cover domestic tax issues that deal with individuals and small businesses. Also included in the Green Book are proposals to extend, expand or create new energy-related tax credits; we have not included any of these proposals in this article.
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IRS Extends COVID-19 Relief Leave Donations
As part of the emergency disaster declaration made by President Trump on March 13, 2020, it became possible for employees to donate their unused paid vacation time, sick leave, and personal time off to qualified charities that provided COVID-19 relief in 2020.
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Contemplating Refinancing Your Home Mortgage? Things You Should Consider
With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and coworkers are bragging about the low interest rates they got with their refinance. This is because a number of issues must be considered when refinancing.
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Day Care Providers Enjoy Special Tax Benefits
A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in their care. The following is a rundown on deductible business expenses for home day care providers.
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Tax Rules for Home Flippers
With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping is, essentially, purchasing a house or property, improving it and then selling it (presumably for a profit) in a short period of time. The key is to find a suitable fixer-upper that is priced under market for its location, fix it up and resell it for more than it cost to buy, hold, fix up and resell.
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The Many Benefits of 401(k) Profit-Sharing Plans
401(k) profit sharing plans are a great way to compensate employees in a tax-advantaged way. Here are the limitations on 401(k) profit sharing for 2021.
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How Long Should You Keep Old Tax Records?
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents?
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35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
The IRS had a backlog of more than 35 million tax returns at the end of tax season this year – and many of those people are awaiting tax refunds.
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Customers Paying Late? How to Create Statements
There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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