American Rescue Plan Act of 2021

American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains extensions to unemployment, direct stimulus payments, provisions for small businesses, state and local aid, as well as funding for K-12 schools. Employee Retention Credit (ERC) Last year,…

Unemployment Benefits Identity Theft Scam Alert

Unemployment Benefits Identity Theft Scam Alert During 2020, millions of taxpayers were impacted by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers who faced unemployment or reduced work hours applied for and received unemployment compensation from their state. As a reminder, unemployment benefits are taxable income and must be reported on…

Capital Gains Tax on Sale of Stocks

Capital Gains Tax on Sale of Stocks Apps like Robinhood make it easy for everyone to play the stock market. If you’re a retail investor who made money last year buying and selling stocks, you may owe capital gains tax when you file your tax return this year. If you lost money, you may be…

Tax Breaks for Families with Children

Tax Breaks for Families with Children If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Let’s take a look: 1. Child Tax Credit Generally, taxpayers can claim the Child Tax Credit for each qualifying child under the age of 17. The…

Renting Out a Second Home

Renting Out a Second Home In general, income from rental of a vacation home for 15 days or longer must be reported on your tax return on Schedule E, Supplemental Income and Loss. You should also keep in mind that the definition of a “vacation home” is not limited to a house. Apartments, condominiums, mobile homes,…

Taxable vs. Nontaxable Income

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive,…

Post Election Tax Planning & Strategies Webinar

Post Election Tax Planning & Strategies Webinar January 28th, 10am CST Our Post Election Tax Planning & Strategies webinar discusses the potential tax impact of the Biden administration on individuals, businesses, and their owners. We discuss both what is known at this time, as well as changes that will likely take place for 2021, and…