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Tax Planning in 2022: Tax Rates and Inflation Adjusted Figures
Posted by Eric Strawder on Wed, Dec 15, 2021 @ 11:20 AM

The IRS and the Social Security Administration have released 2022 inflation-adjusted figures for more than 50 tax provisions. In addition to a 5.9% 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 2022 adjustments generally are used on tax returns filed in 2023.


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Topics: estate planning, Taxes, Indivdual Taxes, Employee Retention Credits, Stimulus, Biden, Joe Biden, AMT, child tax credit, Kiddie Tax

House Democrats Release Tax Legislative Blueprint for the Build Back Better Plan
Posted by Eric Strawder on Mon, Sep 27, 2021 @ 11:06 AM

The House Ways and Means Committee released discussion drafts that detail various tax increases or incentives for their version of President Biden’s “Build Back Better” infrastructure plan. These discussion drafts are organized into two “Committee Print” summaries, with one pertaining to green energy and social safety incentives, and the other pertaining to corporate and individual tax increases.


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Topics: Taxes, Indivdual Taxes, Employee Retention Credits, Stimulus, Biden, Joe Biden, green energy, “Build Back Better” infrastructure plan

Biden Stimulus Plan Crosses the Finish Line
Posted by Eric Strawder on Wed, Mar 10, 2021 @ 11:25 AM

Despite several obstacles, President Biden’s stimulus plan was successfully shepherded through both chambers of Congress using the tricky budget reconciliation process and was officially signed into law on March 11, 2021. At $1.9 trillion, the American Rescue Plan (ARP) Act is slightly smaller than the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, but is larger than the $920 billion Consolidated Appropriations Act, 2021 (the Act) passed at the end of the last year. The ARP Act follows the general contours of the previous stimulus legislation in that it provides Recovery Rebate payments to individuals, expanded and extended unemployment benefits, and loans and grants for eligible business. However, the tax portions of the ARP Act bear some notable differences from the previous stimulus plans. These differences are discussed in depth below.

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Topics: student loan forgiveness, Business Tax Provisions, paid sick time, Paid Family Leave, Employee Retention Credits, Stimulus, Biden, Joe Biden, American Rescue Plan (ARP) Act, ARP Act

Comparing the Trump and Biden Tax Plans
Posted by Bill Smith on Tue, Jul 21, 2020 @ 03:15 PM

The 2020 presidential campaign between President Trump and former Vice President Joe Biden has mostly been sidelined as the country continues to grapple with the COVID-19 (coronavirus) pandemic. With November fast approaching, attention will soon shift toward the presidential race, where both candidates seek to distinguish their policies and initiatives. One place where the candidates stand far apart is on taxes.

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Topics: IRS, Taxes, Donald Trump, Trump Tax Plan, Coronavirus, Biden, #taxplan, Joe Biden

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