by briesterer | May 7, 2021 | Tax & Accounting
Temporary Changes to the Child and Dependent Care Credit The American Rescue Plan Act (ARPA) includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit. The changes are favorable for most taxpayers, except high-income...
by briesterer | May 7, 2021 | Tax & Accounting
Do you own a vacation home that’s classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal “staycations” or as remote office locations during the COVID-19 pandemic. But this...
by briesterer | Apr 30, 2021 | Tax & Accounting
Prenuptial agreements and domestic law vary from one state to another but nearly every state has laws that prevent one spouse from entirely disinheriting the other. However, with a prenuptial agreement, one spouse can waive his or her right to the other spouse’s...
by briesterer | Apr 30, 2021 | Tax & Accounting
Unfortunately, many businesses have already been forced to close their doors due to the economic fallout from COVID-19, and more will surely follow. Closing a business has important federal income tax implications that owners should understand. Here’s what owners of...
by briesterer | Apr 9, 2021 | Tax & Accounting
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they’re incurred or paid — or whether they must be capitalized...
by briesterer | Apr 9, 2021 | Tax & Accounting
If you’re self-employed as a sole proprietor, partner, or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases, the tax savings may be...
