The Tax Cuts and Jobs Act (TCJA) changed limitations for small business capital expenditures. It increased both section 179 limitations for expensing and bonus depreciation percentages. Allowing businesses to deduct the full purchase price of long term assets such as equipment, office furniture, cell phones, computers, and vehicles. Recently the CARES Act, passed in March 2020,…

Strategies to help you transfer your wealth Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let’s…

Many people have turned to gig work due to the increase in reduced work hours, furloughs, and job loss caused by the coronavirus pandemic. Unemployment reached a record high in April 2020 of 14.7%. The unemployment rate fell to 8.4% in August 2020. The gig economy is booming. According to GigSmart gig work is on…

While it might seem like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes operate as a pay-as-you-go…