Small Businesses: There Still May Be Time to Cut Your 2021 Taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 taxes. You still have time to execute a few strategies. Purchase Assets Thinking about buying new or used equipment, machinery, or…

Businesses Must Navigate Year-End Tax Planning With New Tax Laws Potentially on the Horizon

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end tax planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed…

Potential Tax Law Changes Hang Over Year-End Tax Planning for Individuals

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to…

The Social Security Wage Base Is Increasing in 2022

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social…

Negotiations Continue in Congress Over Proposed Tax Changes

Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back Better Act (BBBA) and the Bipartisan Infrastructure Bill (BIB), also known as…

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