Twice as Nice: The Temporary Gift Tax Break
The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. Adjusted for inflation, the exemption currently allows an individual to transfer up to $11.7 million free of federal gift or estate tax in 2021 (up from $11.58...
6 Key Tax Questions and Answers for 2021
Right now, you may be more concerned about your 2020 tax bill than you are about how to handle your personal finances in the new year. However, as you deal with your annual tax filing, it’s a good idea to also familiarize yourself with pertinent amounts that may have...
PPP Loan Expenses are Now Tax-Deductible
One of the most widely publicized provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted March 27, 2020 was the addition of a loan program administered by the SBA entitled the Small Business Paycheck Protection Program (PPP). The...
Round Two of Stimulus Checks
Contained in the Consolidated Appropriations Act, 2021 was another round of stimulus checks. While similar to the checks that were authorized in March of 2020, these payments will be different in a few ways. Below is a table that outlines the payments and income...