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​​March 17, 2022 By Susan Kaplan Markets have been shaken lately, and investors both big and small are searching for direction and strategies to protect their portfolios. Early 2022 already recorded the highest inflation rate in 40 years, and the Federal Reserve has just lifted its key interest rate by a quarter of a percentage point on Wednesday, their first decisive step toward trying to tame rapid inflation by cooling the economy. Expect six more similarly sized increases over the course of 2022. Add to that the fact that big stock declines have already begun to drag down the market, and no ..read more

Taxpayers may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 18, 2022. Contributions for 2021 can be made to a traditional or Roth IRA until the filing due date, April 18, but must be designated for 2021 to the financial institution. Eligible taxpayers can contribute up to $6,000 to an IRA for 2021. For those 50 years of age or older at the end of 2021, the limit is increased to $7,000. Qualified contributions to one or more traditional IRAs may be deductible up to the contribution limit or 100% of the ..read more

January is a great time to review contributions to your retirement plans. Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. With the cost of living rising and increases in inflation, higher phase-out limits make many more taxpayers eligible for fully deductible contributions. For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to $68,000 to $78,000, up from $66,000 to $76,000. Be sure you take full advantage of this tax benefit. Not ..read more

February is well underway, which means that tax season is here. Now if your change to make someserious resolutions to improve your financial situation in 2022! Save more and spend less will not be enough in inflationary times. Spend a few minutes considering the following tips: Control excessive and frivolous spending. Remember great fortunes are often lost one dollar at a time! That $4 Starbucks every day adds up to over $1400 a year. Take a look at your recurring monthly payments. If you haven't gone to the gym in over 9 months, maybe rethink the membership and lose the fee. Don't live on bo ..read more

Looking back at 2021, so much happened: market rallies and declines, fluctuating interest rates, Delta then Omicron, inflation, political polarization, etc. Surprisingly, 2021 was a good year overall despite volatility, most markets trended up, and the U.S. was in the lead. COVID is lingering, but unemployment is still lower than expected, corporate profits are rising, and real estate owners are elated over the value of their bricks and mortar. What goes up must come down? Maybe not just yet though! The formation of households continues to rise, millennials are moving to the suburbs, and the h ..read more

The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation. You may deduct vehicle expenses in one of two ways. Actual expense method, which allows you to deduct your actual expenses based on the percentage of business use, and you ‘re in line for depreciation deductions, (subject to certain limits). Standard mileage rate, which for 2021 is 56 cents per business mile, plus you can add on business-related tolls and parking fees. Regardless of which method you use, k ..read more

For years, the IRS has been gunning for a fight with S-Corporations over . Their guns are now loaded, so get ready, because since 2000 when the IRS established its authority to reclassify distributions as wages and reinforced the employment status of shareholders as employees, it has had S-corps in its sights. Things got serious in 2009, the IRS recognized that reasonable compensation under-reporting was a major compliance issue, and set out to correct it. COVID brought a short ceasefire. By 2019, examiners were trained to address the long-standing concern over inadequate reasonable compensati ..read more

The possibility of higher capital gains rates has fueled interest by investors in . Investment is incentivized by a deferral of capital gains that otherwise would be reported in the year they were realized. With the tax recognition deadline of December 31, 2026, still in place, taxpayers who wish to invest unrecognized gains in QOZs need to do so prior to December 31, 2021, in order to obtain any step-up in basis benefit. Although some investors missed the original deadlines, they can still get a 10% break on the taxable amount of their investment if they hold it for at least five years by the ..read more

Some frequently asked questions on federal coronavirus measures were answered in guidance recently issued by the SBA and Treasury, but new questions have arisen as well related to the Paycheck Protection Program (PPP) and to the Economic Injury Disaster Loans (EIDL). An interim final rule also was issued to establish procedures for prospective borrowers who want to appeal certain SBA loan decisions. The New Answers to PPP FAQs: • Establish that the payment or nonpayment of fees of an agent or other third party is not material to the SBA’s guarantee of a PPP loan or to the SBA’s payment of fees ..read more