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Estate Planning

12 January 2021
Estate Planning

The 2021 federal gift and estate tax exemption will be increasing by $120,000 to $11,700,000. The amount currently is $11,580,000.


The 2021 “Social Security wage base” is increasing

07 January 2021
The 2021 “Social Security wage base” is increasing

Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.


Understanding the passive activity loss rules

06 January 2021
Understanding the passive activity loss rules

The passive activity loss rules can be complex and trip up some taxpayers. Here are the rules.


The easiest way to survive an IRS audit is to get ready in advance

05 January 2021
The easiest way to survive an IRS audit is to get ready in advance

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.


The tax rules for deducting the computer software costs of your business

04 January 2021
The tax rules for deducting the computer software costs of your business

The tax rules for treating computer software costs can be complex. Here’s a basic explanation.