by Arthur Geffen | Oct 18, 2021 | Business Organizations, Income Tax
shutting down a business There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and...
by Arthur Geffen | Mar 10, 2021 | Estate Tax, Income Tax, Retroactive
The Biden administration has promised to lower the Unified Credit for Estate taxes from $11.7 million to $3.5 million, and the credit for gift taxes to $1 million. The question on many planner’s minds is whether Congress has the political will to make those changes...
by Arthur Geffen | Mar 5, 2021 | Income Tax, Stimulus Check
The timing of filing a 2020 tax return is extra important this year – if you get it right, it could lead to a bigger stimulus check. The Senate this week is expected to take up President Joe Biden’s $1.9 trillion stimulus plan, which includes $1,400 stimulus checks to...
by Arthur Geffen | Jan 14, 2021 | Income Tax
Millions of people received unemployment benefits in 2020 amid the economic fallout from the pandemic.Families also received an additional $600 in weekly benefits up to the end of July 2020, thanks to the CARES Act. Many will owe taxes to the federal government and...
by Arthur Geffen | Jan 11, 2021 | Estate Tax, Gift Tax, Income Tax, Tax
With the results of the Georgia runoff election in the Democrats Control the House, the Senate and the White House. So, the potential for harsh tax legislation increasing taxation of the wealthy, along the lines of prior Democratic proposals, might be likely to...
by Arthur Geffen | Dec 16, 2020 | Income Tax, Income Tax Credits
When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new key things people...
