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Your Guide to Tax Planning in 2021
Posted by Joanna Powell on Thu, Dec 10, 2020 @ 12:13 PM

The IRS and the Social Security Administration have released 2021 inflation-adjusted figures for more than 50 tax provisions. In addition to a 1.3% cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2021 adjustments generally are used on tax returns filed in 2022.

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Topics: individual tax, tax planning, tax deductions, business tax, Taxes, cost-of-living, tax credit, Tax Cuts and Jobs Act, TCJA, Joanna Powell, COLA, AMT

Your Guide to the Qualified Small Business Stock Gain Exclusion
Posted by Joanna Powell on Wed, Mar 20, 2019 @ 10:33 AM

Qualifying C corporations have long offered tax benefits to their investors under Section 1202 of the Internal Revenue Code, but fluctuations in the benefit and the capital gains tax have limited its use. Tax reform under the law commonly known as the Tax Cuts and Jobs Act (TCJA) may make the Qualified Small Business Stock (QSBS) Exemption in Section 1202 benefit more widespread and appealing for small businesses. To take advantage of the QSBS Exemption, both businesses and their investors need to be aware of how it works, its potential limitations, and the planning opportunities available.

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Topics: tax planning, Tax Cuts and Jobs Act, TCJA, C Corporation, Joanna Powell, Qualified Small Business Stock Exemption, Qualified Small Business Stock, QSBS

2019 Tax Rates and Inflation-Adjusted Figures Released
Posted by Joanna Powell on Fri, Dec 7, 2018 @ 04:15 PM

The IRS and the Social Security Administration have released 2019 inflation-adjusted figures for more than 50 tax provisions. In addition to a 2.8 percent cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2019 adjustments generally are used on tax returns filed in 2020.

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Topics: tax planning, year-end tax planning, IRS, Inflation-Adjusted, Tax Cuts and Jobs Act, TCJA, Social Security, 2019 tax planning, Joanna Powell

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