How Can Business Owners Lower Last Year’s Tax Bill?

How Can Business Owners Lower Last Year’s Tax Bill?

Feb 18, 2021 | Blog, Tax

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year’s return. Claim 100% First-Year Bonus Depreciation — Or Maybe Not For...
What You Need to Know About Estimated Tax Payments

What You Need to Know About Estimated Tax Payments

Feb 16, 2021 | Blog, Tax

Who Needs to Pay Estimated Taxes You may have to make estimated tax payments if you earn income that is not subject to withholding. Examples include incomes from the following: self-employment, interest, dividends, alimony, rent, realized investment gains, prizes, and...
5 Valuable Tax Credits for 2020 Individual Returns

5 Valuable Tax Credits for 2020 Individual Returns

Feb 15, 2021 | Blog, Tax

Individuals eligible for federal income tax credits can significantly lower their tax obligations. Tax credits usually provide greater tax savings than deductions, because credits reduce your tax bill dollar for dollar. A deduction reduces only the amount of income...