Archives
Year-End Family Tax Planning Strategies for 2021
December 1, 2021
Your marital and family situations should definitely factor in when it comes to your year-end tax planning for 2021. There are family tax planning strategies you can implement now to take advantage of current tax codes. In addition, there are… Read Now >>
7 Year-End Tax Strategies for Your Stock Portfolio
November 24, 2021
If you are looking to reduce your 2021 income taxes, you can look to your stock portfolio. There are ways to take advantage of current tax codes. Once you know the rules to the offset game, you’ll be able to… Read Now >>
Section 199A Tax-Reduction Strategies
November 17, 2021
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 >>
2021 Year-End Tax-Saving Tips for Business Owners
November 10, 2021
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 >>
New Child Tax Credit—What You Need to Know
November 3, 2021
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 >>
The Basics of Depreciation
October 27, 2021
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 >>
Information About the Principal Residence Gain Exclusion Break
October 20, 2021
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 >>
Year-End Tax Planning for New Tax Laws: Estate Taxes
October 13, 2021
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 >>
Year-End Tax Planning for New Tax Laws: Business Taxes
October 6, 2021
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 >>
Year-End Tax Planning for New Tax Laws: Individual Taxes
September 22, 2021
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 >>
