Tax Pro Plus
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Dear Valued Client,
Welcome to the Fall.
We are still monitoring the latest developments in Washington DC in regards to possible tax law changes. Now is the perfect time to look at any potential tax planning moves you want to make before year-end.
In this edition of our newsletter, we cover some tax planning strategies, insight into Crypto tax policy, best bookkeeping practices, education tax credits, and much more.
It would be best if you talked to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
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
Welcome to the Fall.
We are still monitoring the latest developments in Washington DC in regards to possible tax law changes. Now is the perfect time to look at any potential tax planning moves you want to make before year-end.
In this edition of our newsletter, we cover some tax planning strategies, insight into Crypto tax policy, best bookkeeping practices, education tax credits, and much more.
It would be best if you talked to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
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
Fall Tax Planning May Be Wise
Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.
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Proposed Federal Legislation Enhances Green Credits
If you are considering buying an electric vehicle, adding solar to your home or making energy-saving improvements to your home, you may want to wait for the outcome of the $3.5 trillion Build Back Better Act (BBBA) legislation being hotly debated in Congress.
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Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes
A proposed tax code change would mandate an annual required minimum distribution for retirement accounts exceeding $10 million. Full story below.
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Understanding the Taxation of Cryptocurrency Transactions
If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about. Unfortunately, there are some unanswered questions and little specific guidance offered by the IRS other than in Notice 2014-21 and Revenue Ruling 2019-24. This article includes the guidance from the Notice as well as general tax principles that apply.
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Required Minimum Distributions Have Resumed for 2021
When Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also included a requirement for a portion of the funds to be distributed each year and be subject to income tax. Such a distribution is referred to as a minimum required distribution (RMD).
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Education Credits are for Children? Think Again
If you think that education credits are just for sending your children to college, think again—the credits are available to you, your spouse (if you are married), and your dependents. Even if you or your spouse is only attending school part time, you still may qualify for a tax credit.
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Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit
The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and workers’ and customers’ fears of contracting the illness resulted in businesses closing or temporarily cutting back and laying off or furloughing millions of employees. In April 2020, the unemployment rate reached 14.8%, the highest rate since such data started to be collected in 1948. While by September 2021 the unemployment rate had declined to 4.8%, millions of job openings went unfilled as former employees were reluctant to return to work. Some businesses still weren’t operating at full capacity because they weren’t able to find enough employees.
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The Ins and Outs of Bookkeeping: All the Best Practices to Get the Best Financial Outcome From Your Organization
Handling bookkeeping on your own can quickly become a full-time job, which is a bit of an issue since you already have one of those on your plate.
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Record Expenses in QuickBooks Online and On Your Phone
The money you spend to run your business must be recorded conscientiously for your taxes and reports. Here’s how to do it.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
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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