The Twelve Days of Taxmas – Retirement Plans Startup Costs Tax Credit
TaxOn the ninth day of Taxmas, my accountant gave to me a tax credit for some of the ordinary and necessary costs of starting a SEP, SIMPLE IRA, or qualified plan.
The Twelve Days of Taxmas – Gift Tax Exclusion
TaxOn the eighth day of Taxmas, my accountant gave to me an annual Gift Tax exclusion of $15,000.
The Twelve Days of Taxmas – Cost Segregation Studies
TaxOn the seventh day of Taxmas, my accountant gave to me a Cost Segregation Study.
The Twelve Days of Taxmas – Qualified Business Income Deduction
TaxOn the sixth day of Taxmas, my accountant gave to me the Qualified Business Income (QBI) deduction.
The Twelve Days of Taxmas – R&D Tax Credit
TaxOn the fifth day of Taxmas, my accountant gave to me, a Research & Development (R&D) study.
The Twelve Days of Taxmas – Employee Retention Credit
TaxOn the fourth day of Taxmas, my accountant gave to me the Employee Retention Credit (ERC) and the Paid Sick Leave and Family Leave Credit.
The Twelve Days of Taxmas – Qualified Improvement Property
TaxOn the third day of Taxmas, my accountant gave to me a technical correction to the definition of Qualified Improvement Property.
The Twelve Days of Taxmas – Section 179D
TaxOn the second day of Taxmas, my accountant gave to me an expanded bonus and Section 179 depreciation.
The Twelve Days of Taxmas – Net Operating Loss
TaxOn the first day of Taxmas, my accountant gave to me – temporary Net Operating Loss (NOL) rules.
2020 Required Minimum Distribution: To Waive or Not To Waive
Advisory, RetirementThe 2020 Presidential election has come and gone. We will likely have a new president. The coronavirus is still with us and is threatening to shut down significant parts of the country.