Probate and Adding Children to Bank Accounts and Deed
Some people believe an easy way to avoid probate is to add your children to your bank accounts and deed. This strategy may not work as planned.
Category: Income tax
How Long Should a Business Keep Tax Records?
You should keep tax records for three years after you file a return, but there are times when you will need older files.
Common Tax Myths and Facts
What are some common tax myths and facts about filing taxes? If you file a tax extension, do you still need to pay taxes owed? Are minor children required to pay taxes on income?
What Exactly Is a Tax Year?
Tax years are based on annual accounting periods where you keep records and report income and expenses. A tax year may not be a calendar year. Discover the annual accounting periods you may or may not adopt.
Individual and Business Tax Checklist
As 2021 comes to a close, it is a good time to create a tax checklist for items needed to file individual and business taxes.
2021 Year-End Tax Planning Tips
The end of the year always brings possible last-minute tax changes, which is especially true for 2021. New legislation may mean major changes starting in 2022, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively.
Taxpayer Reminder Limited-Time Donation Rules
Special rules allow limited charitable deductions even for taxpayers who do not itemize. Also, there are other donation changes for individuals and businesses. Learn how to take advantage of these opportunities now.
American Opportunity Tax Credit
The American Opportunity Tax Credit and the Lifetime Learning Credit can offer tax savings for higher education. Tax savings may be available for you, your spouse, or your dependents taking postsecondary coursework.
Estate Planning for the High-Net-Worth
President Biden’s proposed infrastructure plan would end the step-up in basis taxpayers often use to minimize tax on inherited wealth. Since assets like family businesses, homes, stocks, and art generally appreciate over time, eliminating the step-up in basis effectively raises the amount of tax on these assets.
Independent Contractor Rule Withdrawn by DOL
In May 2021, the Department of Labor (DOL) withdrew a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.
2022 HSA Adjustments
The government made small inflation-adjusted increases for 2022 health savings accounts. Catch-up contributions for 55 and older remain the same, along with minimum deductibles.
IRS Extends 2020 IRA and HSA Contributions to May 17
The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, 2021. Estimated tax payments are still due on April 15, 2021.