Reminder: The temporary 100% deduction for eligible business meal expenses remains in effect through December 31, 2022. That means there’s still time to benefit from tax-saving opportunities: Hosting office events and holiday parties are two great ways to build relationships with your clients and team while taking advantage of the expanded business meal deduction. Keep […]
Insights
Dear Clients & Friends, Rising inflation is a burden on us all, but the good news is that the state of Illinois is helping ease the burden by suspending the 1 percent sales and use tax imposed on groceries for one year, as of July 1, 2022, and instituting a ten-day sales tax holiday in […]
According to the Pew Research Center, 50.3% of US adults aged 55 and older are now retired—partly as a result of labor force shifts related to Covid-19. This means a lot of people are facing changes in their tax obligations. So, what do you need to know? Of course, the biggest change in retirement is […]
We are often asked about optimizing charitable tax deductions, including whether you can take charitable donations without itemizing. There are many strategies available to decrease your tax burden through making donations, including some new (temporary) opportunities provided by the CARES Act. 18 months ago, we shared ways you could maximize your support for non-profit organizations […]
Last July, approximately 36 million of qualified families began receiving the first of six monthly payments for the Advance Child Tax Credit (CTC). As part of the President’s American Rescue Plan Act, the CTC had been raised to $3,600 per child under age 6 and $3,000 per child between 6 and 17 years of age. […]
This year, Tax Day is Monday, April 18, 2022, for most of the United States. (Maine and Massachusetts residents have until April 19 to file federal returns since April 18 is Patriot’s Day in those two states.) If you need additional time to file your 2021 taxes, please let us know as soon as possible. […]
