For this tax filing season, the limitations on deducting state and local taxes result in many more taxpayers using the standard deduction. The standard deduction is as follows in 2021 and 2022: Filing Status Standard Deduction 2021 Standard Deduction 2022 Single; Married Filed Seperately $12,550 $12,950 Married Filing Jointly &
I recently received a query from a couple that I’ll call David and Ruth Anderson. They wed two years ago, own a home in an area where sales prices have soared, can easily handle real estate taxes and monthly mortgage payments and have a combined income, mostly from salaries, of
Delegating, outsourcing and automating tasks can increase your capacity at work. Whether your plate is too full or you’re looking toward starting new projects, these strategies can help make room on your plate. But there’s one vital key you need to have in place before you can start: process documentation. If your
The pandemic-era housing boom has made real estate an enticing investment prospect for many people. Accountants, in their role as investment advisors and financial planners, are tasked with advising their clients whether to enter this market. Prudential concerns center on the sustainability of the housing boom and the risk of
The IRS has announced that the filing season for federal individual income tax returns for 2021 kicks off on January 24 (IR-2022-08, 1/10/22). The IRS already started accepting e-filed business returns on January 7. With updated programming, eligible taxpayers can claim the proper amount of the Child Tax Credit (CTC) after
Let’s say you’re about to wrap up an initial consultation with a potential new client. The meeting flowed smoothly, you gathered all the necessary information and the client is a good fit. Now what? You might agree to send a proposal, as it’s what you’ve always done. But what if you want to
Build Back Better, the Biden Administration’s signature social spending bill, appears in limbo in its current form. But which tax proposals should banks and financial institution’s still have on their radar as we enter 2022? In mid-November, the Biden administration celebrated the signing of the ambitious Infrastructure Investment and Jobs Act.
Change is difficult, even when it’s desired. In fact, change in the workplace can be more challenging than major traumatic life events like bereavement and divorce, according to research from Development Dimensions International Inc. Transitioning leadership to the next generation is a huge change looming on the horizon for every successful
What’s a financial advisor’s greatest fear? The COVID-19 pandemic last forever? Another lockdown? A 20-percent decline in the stock market? No, it’s their client’s accountant asking the client, “Do you know how much you paid your financial advisor? What do they do for you?” Perhaps you have even asked these
Start-up cost deductions are normally allowed, but as a recent Tax Court case shows, clients need to prove the business is operational. Background: Normally, a business is required to amortize start-up costs over a period of 180 months. However, you can write off up to $5,000 of qualified start-up costs
