Tax Planning

Should you Opt Out of the Advanced Child Tax Credit?

Should you Opt Out of the Advanced Child Tax Credit? Part of the American Rescue Plan Act (ARPA) that was passed in March allowed for an increased child tax credit for certain taxpayers and the choice to receive 50% of the child tax credit as a monthly payment starting in July 2021 and ending in […]

Guide: Deductions for the Self-Employed

Are you Self-Employed? Here’s what you can deduct. Almost every day, one of my clients will ask whether a certain expense is deductible for their business. In general, most expenses that are reasonable and necessary to the operation of your business will be deductible. Let’s take a look at some common expense categories that all […]

PPP Loan Tax Implications

PPP Loan and Taxes The CARES Act was passed on March 27, 2020 and introduced the Paycheck Protection Program. It allowed small businesses to receive a loan and use it over the following 8 weeks to pay approved expenses. If the loan was used for approved expenses, it would be forgiven, and the borrower would […]

CARES Act Relief: Retirement Distributions

Did you take an early distribution from your retirement account in 2020? Many of my clients find themselves with an unexpected tax liability when financial hardship, and sometimes poor planning, force them to take an early distribution from their retirement plan. Normally, taxpayers who are under 59 ½ years of age must pay a 10% […]

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