During the gift-giving season, if charities are on your recipient list, here are a few important things to remember: $300/$600 Charity Deduction for Non-Itemizers COVID tax relief packages included legislation to incentivize charitable giving. For individuals who take a standard deduction on their 2021 tax returns, IRC Sec. 170(p) allows a tax deduction of up […]
Year-End Tax And Financial Planning For Individuals
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situation –– a continued global pandemic, several significant natural disasters, new tax laws and political shifts. Now is the time to take a […]
Year-End Tax And Financial Planning For Small Businesses
As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situations –– a continued global pandemic, several significant natural disasters, new tax laws and political shifts. Now is the time to take a […]
Year-End Giving Reminder: Special Tax Deduction Allows Most People To Deduct Up To $600 Given To Charity, Even If They Don’t Itemize
Due to a special tax provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in the spring of 2020, taxpayers can more easily qualify to deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a […]
Hiring In A Changing Industry
Have you recently stopped into a store to pick up something quick only to find yourself frustrated due to lack of staffing? We understand that every industry is struggling to hire talented individuals, and we are no different. The pandemic has accelerated the changes that had been creeping into the accounting industry over the past […]
Charitable Gifts – Stock or Cash?
If you are planning to make a relatively substantial contribution to a charity, college, etc., you should consider donating appreciated stock from your investment portfolio instead of cash. Your tax benefits from the donation can be increased and the organization will be just as happy to receive the stock. This tax planning tool is derived […]
Sales Tax Holiday & Sales Tax Rate Updates
Sales Tax Holiday Starts on August 6th It’s that time of year again to save some money on your purchases! The Virginia Sales Tax Holiday starts on Friday, August 6th, and ends on Sunday, August 8th at midnight. Most people are aware that they can save on qualifying purchases like clothing, shoes, school supplies. But emergency […]
Advance Child Tax Credit Payments Starting July 15th
More people are eligible this year to receive the Child Tax Credit in 2021 as part of the American Rescue Plan. If you claimed the Child Tax Credit for 2020, you received it as a dollar for dollar offset to your tax liability when filing your taxes. For the 2021 tax year, the IRS will send out 50% of that […]
Highlights of The American Rescue Plan Act (ARPA)
The American Rescue Plan Act (ARPA), signed by President Biden on March 11, 2021, extended and expanded many of the tax and economic incentives that Congress has passed to address the continuing economic impact on employers and their employees from the Coronavirus pandemic. Among the many provisions and grants, the ARPA: Enhanced and extended paid […]
The American Rescue Plan Act
The American Rescue Plan Act, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The legislation extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) […]
