When it comes to your year-end tax planning, don’t forget to consider your IRC Section 199A deduction. If you don’t take advantage of this tax deduction, you may end up with an unsatisfactory $0 for your deduction amount. If your taxable… Read Now >>
Your goal when preparing your tax returns is to get the IRS to owe you money. That will not always happen for business owners, but you can at least take steps to minimize your tax liabilities and maximize cash flow.… Read Now >>
The American Rescue Plan enacted earlier this year established a new Child Tax Credit program. It increased the credit from $2,000 per child to $3,000 per child for children over the age of six. For children under the age of… Read Now >>
Depreciation is a tax benefit that is often underutilized, misutilized or simply misunderstood by many American taxpayers and business owners. If you are thinking about making a significant purchase of property for personal and/or business use (car, real estate, computer,… Read Now >>
We’ve been looking at year-end tax planning on the Illumination Wealth Blog. 2021 is coming to an end soon and there are tax law changes on the horizon for 2022 and beyond. It’s time to adjust your tax plan. Take… Read Now >>
In our previous two articles, we covered the proposed individual tax changes and business tax changes that have been proposed as part of the American Families Plan backed by President Biden and the House Ways & Means Committee. The goal… Read Now >>
This is the season for year-end tax planning. Updating your tax plan and overall financial planning strategy for 2022 is even more important because of potential tax changes on the horizon. President Biden and the House Ways & Means Committee… Read Now >>
President Biden and the House Ways & Means Committee have proposed a number of significant tax changes as part of the American Families Plan. If enacted, we could see some new tax laws starting as soon as 2022. This time… Read Now >>
The past few articles have been focused on the pros and cons of 529 plans as a popular method for college savings. They are a great conservative long-term savings plan when they fit in well with your overall financial plan.… Read Now >>