Year-End Tax Planning Tips for Individuals and Businesses
Here we are again, nearing the end of another year. While the tax deadline for 2021 isn’t until April 2022, now is the time to plan and make some strategic…
The Edge
Tax Benefits When Saving for College Education
A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected…
Avoiding IRS Underpayment Penalties
Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include:Payroll withholding for…
President Biden’s Build Back Better Act Passed by The House; Fate Now in the Senate’s Hands
On November 19, 2021, the House of Representatives passed their proposed version of President Biden’s Build Back Better Act, which was substantially pared down from the original version. The Senate…
10 Tax-Saving Strategies to Consider Before Year-End
It seems hard to believe, but the holiday season is almost upon us, and that means that the 2021 tax preparation season will soon follow. With the end of the…
The Art of Running a Successful Family Business: Breaking Things Down
At its core, a family business is exactly what it sounds like: a company or other enterprise owned, operated, and actively managed by at least two people from the same…
Higher Income Individuals Beware
The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have…
How Businesses Can Help Employees Improve their Skills
Based upon a recent McKinsey Global Survey, nearly 9 in 10 (87 percent) of respondents management level and above affirmed they are currently dealing with a skills gap among their…
New Proposed Tax Laws
The House recently released a nearly 900-page proposed bill that would make major changes to current tax laws. The bill is intended in large part to help pay for both…
35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many…