As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2021.
Personal Exemptions
Personal exemptions are eliminated for tax years 2018 through 2025.
Standard Deductions
The standard deduction for married couples filin... Read More
Here's what business owners need to know about tax changes for 2021.
Standard Mileage Rates
The standard mileage rate in 2021 is 56 cents per business mile driven.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insura... Read More
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2022 are as follows:
401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal governmen... Read More
Credit card balances typically follow a seasonal pattern, increasing significantly in the fourth quarter, coinciding with holiday shopping, and millions of taxpayers are still carrying debt from last year's holiday season. Whether you are diligent about paying your credit card in full every month or... Read More
If you've recently started a business - or are thinking about starting a business - you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of the cost basis for the business.
Generally, the... Read More