2021 Year-End Tax-Planning Tips

December 20, 2021

2021 Last-Minute Year-End General Business Income Tax Deductions   Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right… Read Now >>

Tis the Season for Tax-Efficient Charitable Gifting!

December 15, 2021
Gift package to represent charitable contributions for holiday season.

Making charitable gifts is smart for several reasons. First, you are doing good with your donations by supporting nonprofit causes important to you or providing help for those who are less fortunate. Second, charitable contributions are tax deductible for individuals… Read Now >>

2021 Year-End Medical Plan Strategies

December 8, 2021
Nurse and patient to represent year-end medical plan strategies for business owners.

If you own a small business with 1-49 employees, you should have a medical plan in place. Tax law does not require you to provide medical coverage, but you should. Not only can it help you attract and retain better… Read Now >>

Year-End Family Tax Planning Strategies for 2021

December 1, 2021
Family in front of house - family tax planning concept

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
Graphs and charts to represent stock portfolio gains/losses and year-end tax strategies.

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
Business woman - Section 199A tax planning concept

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
Office interior, representing business tax deductions

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
Family silhouette forming house. Child Tax Credit concept.

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
property depreciation

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
Sold sign in front of house

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 >>