BHT&D Certified Public Accountants Blog

American Rescue Plan Act Increases Child Tax Credit

Posted by Andrew Holesinger on Fri, May 28, 2021 @ 03:15 PM

The American Rescue Plan Act (ARPA) expanded the Child Tax Credit for tax year 2021 only, allowing families to receive advance payments instead of taking the full credit on their 2021 tax return. The goal of increasing the credit, along with monthly payments, is to help families that have struggled during the COVID-19 pandemic and lessen child poverty in the U.S.

Beginning July 15, the IRS will start issuing monthly advance payments to families based on their 2020 or 2019 tax return. 

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Tags: Tax Planning, Individual Tax, Child Tax Credit, ARPA

Section 139 Qualified Disaster Relief Payments Excludable From Gross Income

Posted by Lori Shepard on Thu, Dec 03, 2020 @ 07:00 AM

Section 139 of the Internal Revenue Code excludes from a taxpayer’s gross income certain payment to individuals to reimburse or pay for expenses related to a “qualified disaster”.  Covid-19 is a federally declared disaster.

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Tags: Tax Planning, Small Business, Individual Tax, COVID-19, Work From Home

How to File Taxes After Saying 'I Do'

Posted by Joe Turnes on Tue, Nov 12, 2019 @ 01:21 PM

A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses can result in surprises – some pleasant and some unpleasant – for individuals who previously filed as unmarried.

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Tags: Individual Tax Return, Tax Planning

Would A Mid-Year Tax Checkup Benefit You?

Posted by Joe Turnes on Mon, Oct 28, 2019 @ 12:00 PM

If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities to reduce your tax and avoid certain penalties.

The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them.

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Tags: Tax Planning, Small Business Accounting, Tax Liability

Are You Prepared For The Income Tax Changes In 2018 and Beyond?

Posted by Joe Turnes on Fri, Nov 02, 2018 @ 12:00 PM

Tax reform has changed the way most taxpayers need to think about and plan for their taxes. It is no longer business as usual. Advanced planning will become very important long before tax time next year.

For most taxpayers, the most significant change is the increase in their standard deduction, which on the surface seems like a big benefit. But, don’t overlook the fact that the same tax reform that nearly doubled the standard deduction took away the personal exemption as a deduction.

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Tags: Itemizing Deductions, Tax Planning, Tax Deductions, Tax Deductible Travel Expenses, Business Tax, Individual Tax, TCJA

Five Ways To Reduce Your Farm Income Taxes

Posted by Joe Turnes on Mon, Mar 06, 2017 @ 08:00 AM

 

Good tax planning and working with an accountant specializing in your field are key factors for agribusinesses in managing their tax liability.  As we head into the end of the year, here are five things to keep in mind to be prepared for next tax season:

1.  Tax PlanningDetermining your year-to-date income PRIOR to the end of the year and planning for an appropriate income level is 

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Tags: Agriculture, Tax Planning, Depreciation Deduction, Farm Taxes

What Does My Accountant Need For My Tax Appointment?

Posted by Mindy Pennock on Tue, Nov 01, 2016 @ 07:00 AM

The time spent getting organized for your tax appointment is priceless.  It gives you confidence that your returns will be filed timely, accurately, and that all qualified deductions are accounted for. 

Partnering with an experienced Certified Public Accountant can bring you piece of mind and possibly tax savings.  Here are some tips for making the best of that partnership: 

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Tags: Tax Planning, Tax Deductions, tax appointment

What Are The IRS Regulations For Deducting Trust And Estate Costs?

Posted by Aric Salgat on Mon, Oct 31, 2016 @ 07:00 AM

On May 9, 2014, the IRS published final regulations pertaining to certain costs incurred by estates and non-grantor trusts, and finally brought an end to some controversial issues surrounding the deductibility of certain costs.  

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Tags: Tax Planning, Tax Deductions, Estate and Trust Tax

Depreciation Options For 2016 Provide Significant Opportunities For Year-end Tax Planning.

Posted by Aric Salgat on Mon, Oct 24, 2016 @ 07:00 AM

Several provisions of the Protecting Americans from Tax Hikes Act of 2015 (PATH) impact Code Section 179 and taxpayer’s depreciation options beginning in 2016.  The highlights of those changes include the following:

  1. The elevated expensing limitation and the phase out limits have been made permanent and indexed for inflation. For 2016,
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Tags: Tax Planning, Depreciation Deduction, Section 179

Tax Extenders Bill Creates Last-Minute Planning Opportunities.

Posted by Chuk Gottschall on Tue, Dec 29, 2015 @ 08:00 AM

Earlier this month, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015, extending a number of tax provisions that expired at the end of 2014. But unlike past tax extenders legislation, the PATH Act also makes some deductions and tax credits permanent for businesses and working families.

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Tags: Tax Planning, Small Business Accounting