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(Date posted: November 19, 2020)
Click this button to open a pdf version of 2020 Tax Considerations, if you would like to print and read.
2020 Tax Considerations are categorized as follows. Click any of the line below to jump to the section you like to read.
- Individual Income Tax Provisions
- Trust and Estate Income Tax
- Estate, Gift and Generation-Skipping Transfer Taxes
- Pension and IRA Provisions
- Business Provisions
- Sole Proprietorships, S Corporations & Partnerships Tax Changes
- Coronavirus Aid, Relief, and Economic Security Act (Cares Act) Business Tax Provisions
- Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Individual Tax Provisions
- Illinois Makes Changes in 2019 Affecting Various Taxes
- Things to Consider Before the end of 2020
- 2020 Tax Rate Schedule
- 2021 Tax Rate Schedule
(Date posted: October 21, 2021)
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a cost segregation study are now even greater than they were a few years ago due to enhancements to certain depreciation-related tax breaks.
(Date posted: October 19, 2021)
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations.
(Date posted: October 14, 2021)
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)
(Date posted: October 12, 2021)
If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences?