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 >>

Year-End Tax Planning for New Tax Laws: Estate Taxes

October 13, 2021
calculator, journal and office supplies for tax planning

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
Business partners tax planning

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
Calendar with glasses - year-end tax planning metaphor

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 >>