Archives
2021 Year-End Tax-Planning Tips
December 20, 20212021 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
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
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
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 >>
