by Pierre Philantrope | Dec 15, 2021 | Tax Tip
As you could see from the previous tips, due to the enactment of legislation to offset the economic burden brought by COVID-19, there is a lot to consider when reviewing your year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care...
by Pierre Philantrope | Dec 8, 2021 | Tax Tip
Careful tax planning strategies could help taxpayers save in taxes. As business owners, there are six powerful business tax deduction strategies that business owners could understand and implement before the end of tax year 2021. 1. Prepay Expenses Using the IRS Safe...
by Pierre Philantrope | Dec 1, 2021 | Tax Tip
Taxpayers could get 2 for 1: The reward of giving and a deduction in tax liability. A law passed at the end of 2020 modified the charitable contribution rules for 2021 tax returns. As a result, eligible individuals can claim an above-the-line deduction of up to $300...
by Pierre Philantrope | Nov 24, 2021 | Tax Tip
We are close to the end of the tax year. Taxpayers have until December 31 to take steps to fund or establish their retirement plan to save in taxes. There are four things to consider. 1. Establish Your 2021 Retirement Plan Do you or your company have a retirement plan...
by Pierre Philantrope | Nov 18, 2021 | Tax Tip
Taxpayers, in general, are in a partnership with the Internal Revenue Service. However, unlike the case of traditional partnerships in which two or more taxpayers mutually agree on the terms of the partnership, in this partnership, the IRS sets the rules to share the...
by Pierre Philantrope | Nov 10, 2021 | Tax Tip
The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free, and usually state-income-tax-free too. Taxpayers should know that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college...
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