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Blog Month: January 2022

Stepped-up basis upon inheritance of assets – Will it stay or go away?

“Step up” in basis is a strategy that is used for avoiding capital gains taxes when an asset is passed on to the heirs upon death. The heirs receive a

Be Safe – File Early

The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (E-filed business returns are already being accepted by the IRS). Even if you

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures

There’s a deduction for student loan interest … but do you qualify for it?

If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject

Opportunity to Defer Tax with a Like-Kind Exchange

Have you been thinking of selling a property that is used for business or held as an investment, but do not want to pay the capital gains tax created from

Getting your books ready for the new year

With the new year upon us, the time has come to close the books on 2021. For many companies, January is also the beginning of the new fiscal year, and

Form 1099-NEC Information Returns

As the new year begins, so does the 2021 tax reporting season. In January, all Form 1099s are due to be mailed to the recipients no later than January 31,