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Since 1986, lawmakers have limited business meal deductions: first to 80 percent, and then to 50 percent (unless an exception applies). But on December 27, 2020, in an effort to help the restaurant industry due to the COVID-19 pandemic, lawmakers enacted a new, temporary 100 percent business meal deduction...

You likely did not have this top of mind. The federal Rehabilitation Tax Credit, or rehab credit, offers significant financial incentives for owners and leaseholders of historic buildings to renovate those structures. What’s the big deal? Why are tax credits so exciting? Tax credits, unlike deductions, reduce your tax...

Do you own business or investment property that has gone up in value? Would you like to acquire new property?  If you sell the old property, you’ll have to pay tax on your profits. Don’t do that. Instead, do a tax-deferred Section 1031 transaction. With a properly constructed Section...

Have you missed partying and having business meals with your prospects, customers, and employees? Well, get ready to start again. Soon, COVID-19 will behind us. It could be just a few short months away. To help you get ready, check the table below for what you can do in...

In our files, we show that you have a self-employed business that you file on Schedule C of your Form 1040.  As you likely know, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. For example, you generally do not receive...

The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021.  That’s thanks to liberalizations included in the American Rescue Plan Act of 2021 (ARPA). Some of the favorable changes are only for...

For tax year 2021, Congress is giving away billions of dollars in additional tax credits on your Form 1040 individual tax return. These temporarily expanded tax credits include the child tax credit, the dependent care credit, and the health insurance premium tax credit. With good planning on your end—which...

The American Rescue Plan Act of 2021 (ARPA) makes major, but temporary, changes to the federal income tax child and dependent care credit (CDCC).  Except for when it comes to high-income taxpayers, the changes are all favorable. To understand the changes, let’s first review the basics. Here goes. CDCC...

For the 2021 tax year only, the American Rescue Plan Act of 2021 (ARPA) makes big, taxpayer-friendly changes to the federal income tax child tax credit (CTC).  Here’s what you need to know, starting with some necessary background information. CTC Basics For 2018-2020 and 2022-2025, the maximum annual CTC...

With the passage of the American Rescue Plan Act of 2021 (ARPA), Congress has temporarily abolished the health insurance premium tax credit “subsidy cliff.”  For 2020 and 2021, self-employed and small-business owners and other individuals who must purchase individual health insurance may qualify for premium tax credit health insurance...

With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC), thanks to three big changes: You can now obtain the ERC and the Paycheck Protection Program loan, but not on the same wages. This new rule applies retroactively to...

You likely already know that the employee retention credit (ERC) is a good deal—if you qualify. Now, thanks to the recently enacted American Rescue Plan Act of 2021 (ARPA), you can qualify for up to $100,000 of ERC in the third and fourth quarters of 2021 if you begin...