With tax year 2022 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Individuals: Annual gift exclusion and Estate Tax Exemption The annual gift exclusion for 2022 is… [keep reading…]
Tag: Child Tax Credit
Tax Planning for Individuals
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for individuals: Income/Deduction Deferral or Acceleration Consider the following to accelerate income into the current year:… [keep reading…]
What you should know about the Advanced Child Tax Credit Payments starting in July 2021
The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for Tax Years 2021, which means the credit for qualifying children is fully refundable and taxpayers can benefit from the credit even if you do not have earned income or don’t owe any income taxes. The credit will also include children… [keep reading…]