For Individuals: Key Provisions and Impacts 1. Permanent Individual Tax Rate Reductions The bill makes permanent the individual tax rate cuts originally enacted under the 2017 Tax Cuts and Jobs Act (TCJA). All tax brackets continue to be indexed for inflation. 2. Standard Deduction Increases Effective as of January 1, 2025, the following standard deduction […]
So, You Qualified for the ERC (employee retention credit) Credit, Great! You Might Be Wondering: What Should I Expect Now?
We have assisted many of our clients with claiming the Employee Retention Credit (“ERC”). The ERC is a government stimulus program designed to help small businesses that were able to retain their employees during the Covid-19 pandemic. Qualifying businesses that experienced the requisite drop in gross receipts are able to claim a refund on qualified […]
Year-End Tax Planning: Are You Reactive or Proactive?
If you’re conducting your final year-end tax planning now, ask yourself one question: Are you proactive or reactive?
The Tax Man Commeth
Whether Old Punxsutawney Phil’s Groundhog Day prediction came true or not, one thing is certain to arrive each year: Tax Day. April 15, 2015 is just a short 7 weeks away. There’s no hiding or going back into a hole to avoid or evade its certainty. We must face it head on. Mailboxes across the […]
Planning in an Uncertain Tax Environment
While I would love to be telling you all about a new 2014 tax law extending the 54 tax provisions that expired at the end of 2013, I can’t because it is mid-November and Congress still has not passed any tax legislation to clarify the situation. Even without a new tax law there are still […]