Tax Corner | Blog

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Tax Corner I Blog

Tax Season Tips for Small Business Owners

Before the year ends, small business owners should revisit their estimated tax payments to ensure they have paid enough to cover the income received during the 2021 tax year. The fourth quarter estimated tax payments are due by January 15 so any final amounts should be made by this. When estimated tax payments are made,

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Tax Corner I Blog

2021 Tax Season: Charitable Deduction

There is good news for taxpayers who want to donate before year end but don’t itemize. For 2021, those taxpayers that are taking the standard deduction will be able to take an above the line deduction for charitable deductions. For single filers, the amount is $300 and for married filing jointly, the amount is $600.

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Tax Corner I Blog

Build Back Better Plan SALT Proposal

The proposed Build Back Better Plan (BBB) which is currently with the Senate, takes a step toward addressing the much talked about state and local income tax deduction, better known as SALT. When the Tax Cut Jobs Act was passed, SALT was capped at $10,000. This impacted high income tax states like New York and

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Tax Corner I Blog

Cryptocurrency Reporting Under Biden Infrastructure Bill

Cryptocurrency traders are going to face more reporting under Biden’s Infrastructure Bill as the government eyes the digital currency. Persons who regularly execute transfers of digital assets such as bitcoin, ether and NFTs will needs to report those transactions to the IRS, as well as reporting any digital asset transaction over $10,000. If this rule

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Tax Corner I Blog

Tax Brackets to Increase in 2022

Tax brackets will be higher in 2022 because of inflation. As compared to 2021 filing season, most tax bracket cut-off points have increased about 3%. These changes will apply to the tax returns that are filed in 2023 so they will not impact the upcoming tax filing season. It is expected that the standard deduction

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Tax Corner I Blog

House Democrats Going After SALT Cap

House democrats have proposed increasing the State and Local Income Tax deduction (SALT) to $72,500 through 2031. This is a very aggressive proposal given the Tax Cut Jobs Act capped SALT at $10,000 and impacted many states with high income taxes notably New York and California. While this may not ultimately survive, it may be

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Tax Corner I Blog

EV Tax Credit Increase to $12,500?

Part of President Biden’s “Build Back Better” proposal includes increasing the EV tax credit from $7,500 to $12,500. The current program caps the $7,500 tax credit to 200,000 electric vehicles per manufacturer. The updated proposal is also looking at changing it from a tax credit to an incentive that can be utilized even if a tax

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Tax Corner I Blog

IRS Bank Reporting Plan

Democrats are trying to find ways to fund new social program initiatives. One of the ways is through a proposal requiring banks to report additional information from taxpayers as a way to find additional taxes from unidentified income. What exactly do the Democrats want the banks to report to the IRS? The sum of deposits

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Tax Corner I Blog

Changes to Child Tax Credit?

Today, qualifying families with children should have seen a deposit from the treasury for the advanced child care credit. This money is not free money that won’t be accounted for during tax season and in fact is just an advance of the child tax credit that most families claim as a credit against taxes owed.

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