Blog
Whether in person or online, we want to provide our clients with the
information they need to make sound financial decisions. From timely
wealth management tips to the latest investments forecast, our blog
has informative articles full of tips to help you manage your finances.
Understanding Estate Taxes
The post below was originally posted on the blog for Liljenquist Law. In estate planning, the topic of estate tax will often come up. See below for details on this tax. Federal Estate Taxes The IRS levies an estate tax on the assets of high net-worth individuals....
What is an extension?
Many people associate April 15th as the tax deadline. And it certainly is, in a sense, but the IRS offers an extension that many people don’t know about. April 15th (April 18th for the 2023 filing season) is the deadline for paying taxes. However, it is not...
40 Tax Write-offs for Your Business
Are you unsure what you can deduct as a business owner? Below is a list of common deductions. However, they are in no way an exhaustive list. The IRS allows you to deduct "ordinary and necessary" expenses for your business. So, if the deduction you're contemplating...
American Rescue Plan Act
On Wednesday, the House of Representatives passed the American Rescue Plan Act. President Joe Biden signed on March 11, 2020. This bill contains numerous tax provisions that will change 2021 taxes for many people. Unemployment Benefits The most immediate...
What is Self-Employment Tax and Which Business Entities Have to Pay It
Simply put, self-employment tax (SE tax) is Social Security and Medicare taxes paid by individuals who work for themselves. If you are self-employed as a solopreneur (aka sole proprietor), freelancer, or independent contractor, you will owe SE tax if you make at least...
The Basics of an S-Corporation
The S-Corporation has become a prevalent entity choice in today’s business environment.Many people have heard the term, but few outside of the CPA community understand themechanics. The key advantage of an S-Corporation, or S-Corp for short, comes from savings...
Trump Signs Executive Order on Payroll Taxes
On Saturday, President Trump signed an executive order that, among other things, deferred the payment of the employee portion of payroll taxes. Specifically the 6.2% social security tax that is normally withheld from an employee’s paycheck. This has been touted as a...
How the stimulus CARES Act Can Help Individuals and Small Businesses
The CARES Act is an estimated $2 Trillion bill that provides aid to several different sectors of the economy. Below are some details on a few of the provisions relating to individuals and small businesses. Individual Provisions Stimulus Payments The bill...
Due to COVID-19 IRS Gives New Tax Deadlines
Updates to IRS 2020 Deadlines COVID-19 & the Coronavirus pandemic have delayed the filing deadline for tax returns this year. Until recently, many questions about the details of this announcement were left unanswered. The IRS has clarified some of these issues....
Tax Reform and Unreimbursed Employee Business Expenses
Although we are now on our second year of preparing tax returns under the Tax Cuts and Jobs Act (TCJA), we still get a lot of questions about a deduction that was common before TCJA. This deduction was the deduction for unreimbursed employee business expenses....
Experience & Expertise
Helping you protect what is most important to you is another way that our firm is here
to serve you and is always on target.