🖨 Print⏱ 4 min readIn 2020, a year when all income brackets benefited from lower tax rates, the stock market took a nosedive at the beginning of the pandemic. For investors sharp enough to see the opportunity, this was an ideal time to convert a traditional IRA into a Roth IRA. When you conduct a … Continue reading “Roth Conversion in 2021?”
🖨 Print⏱ 4 min readAmerican Rescue Plan Act of 2021 (HR 1319) – This $1.9 trillion relief bill provides stimulus money to address the continued impact of COVID-19. Provisions include issuing $1,400 checks to taxpayers, increasing the Child Tax Credit up to $3,000 and the dependent care credit to $4,000, and providing funds for schools, … Continue reading “Economic Stimulus, Making the Post Office Solvent Again, Gun Control, Voting Rights and Restricting China’s Influence”
🖨 Print⏱ 4 min readThe majority of U.S. industrial product company CFOs have shared concerns that COVID-19 would impact their businesses negatively. For companies that develop and manufacture products, understanding the product lifecycle and how to work around crises like the COVID-19 pandemic can be effective to help improve the longevity and success of companies. … Continue reading “How Companies Can Become More Nimble During the Product Lifecycle”
🖨 Print⏱ 2 min readThe deadline has passed to elect Section 475 MTM for tax year 2020, but it’s still possible to do so for 2021. In this article, we’ll cover the basics about when and how to make the election. Section 475 Basics Eligible traders have the option to make a Section 475 election, … Continue reading “Why Traders Should Consider Making the Section 475 Election Before the Tax Deadline”
🖨 Print⏱ 4 min readIn a continuously changing business environment, small businesses have a challenge to keep up. It’s especially expensive to keep pace with ever changing technology. Luckily, with affordable cloud accounting solutions, small businesses can maintain a competitive edge. What is Cloud Accounting Cloud accounting involves moving your business books online. Unlike desktop … Continue reading “How Cloud Accounting Helps Small Businesses Gain Competitive Edge”
🖨 Print⏱ 3 min readThe recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what … Continue reading “Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill”
🖨 Print⏱ 4 min readWhat if you could save enough for your child to go to college debt-free? It might sound impossible, but with dedication, hard work, and careful planning, you can do just that. According to Dave Ramsey, American personal finance advisor, here are the top three tax-favored plans to get started. The Education … Continue reading “3 Best Ways to Save for College”
🖨 Print⏱ 3 min readNearly one year after the COIVD-19 pandemic-driven shut-downs began the shutter the economy, Democrats pushed through another $1.9 trillion stimulus package by narrow margins, with the President set to sign the bill. The legislation is one of President Biden’s first major achievements and contains numerous provisions that impact millions of Americans. … Continue reading “Latest Stimulus Bill Provides More Relief for Americans and the Economy”
🖨 Print⏱ 4 min readThe Tax Reform Act of 1984 enacted a provision that commercial leases need to be tested under Internal Revenue Code section 467. The intent of section 467 is to prevent tax sheltering of income that could arise due to differences between cash and accrual basis income taxpayers by placing both the … Continue reading “The Return of Section 467 Rental Agreements”
🖨 Print⏱ 4 min readNow that the Keystone XL pipeline is being shut down and southern parts of the United States are experiencing extremely cold weather, how will increasing oil prices impact the economy as the COVID-19 vaccine is being rolled out? With West Texas Intermediate (WTI) crude closing at $58.22 per barrel on Feb. … Continue reading “How Will Surging Oil Prices Impact the Economy in 2021?”
