As an estate planning attorney, I know that one of the most important things to do as you get older is to give someone you trust power of attorney. Even simple financial tasks can become rather complicated with age (and the limited mobility that comes with it). Typically our elderly clients will name one their kids as their agent to let the child help manage their finances for them. We draft these as broad as possible, so as to not tie the hands of someone trying to help, and they include author...
The Real Reason Tax Day Isn't on Good Friday
March 14, 2022The IRS has announced that Tax Day 2022 will be April 18, instead of the usual April 15. At first blush, you would think this is because of Good Friday obviously, the holiday celebrating Jesus' death for our sins. Other news sites are falsely reporting this as the reason. However, a little bit more thinking would give you pause. You would think, "Wait a minute, Good Friday isn't a federal holiday." Which is correct: it isn't. I've never gotten work off for Good Friday. So why would the IRS,...
Who Qualifies for the §199A Deduction?
February 15, 2022The Tax Cuts and Jobs Act added 26 USC § 199A, which gives a 20% deduction for taxpayers' "qualified business income." This was intended to give small business owners a deduction to match the corporate tax cut. However, it does not apply to all small business owners, and reading the law and determining who qualifies can be quite confusing.
There are many nuances with this law involving earnings caps, business types, and other random things that you should go over with your accountant and/or...
