by ABIP | Dec 3, 2021 | Business, COVID-19, Individuals, News, Newsletter, Taxes
Highlights of the Infrastructure Investment and Jobs Act While the recently passed Infrastructure Investment and Jobs Act primarily addresses infrastructure-related issues, it includes several tax provisions affecting individuals and small business taxpayers....
by ABIP | Dec 2, 2021 | Accounting, Business, News, Newsletter, Taxes
Small Business Taxpayers: The Year in Review Here’s what business owners need to know about tax changes for 2021. Standard Mileage Rates The standard mileage rate in 2021 is 56 cents per business mile driven. Health Care Tax Credit for Small Businesses Small...
by ABIP | Dec 1, 2021 | Accounting, Individuals, News, Newsletter, Real Estate, Taxes
Individual Taxpayers: The Year in Review As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through...
by ABIP | Nov 2, 2021 | Individuals, News, Newsletter, Taxes
Shared Custody and Advance Child Tax Credit Payments Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit...
by ABIP | Nov 1, 2021 | News, Newsletter, Real Estate
IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law,...
by ABIP | Oct 29, 2021 | Business, News, Newsletter, Taxes
Business Owners: Year-end Tax Planning Strategies Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into...
