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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: July 29, 2021)
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.
(Date posted: July 27, 2021)
More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted gross income exceeds certain levels — and they aren’t as high as the income levels for many other deductions.
(Date posted: July 22, 2021)
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number.
Entrepreneurs often don’t know that many of the expenses incurred by start-ups can’t be currently deducted. You should be aware that the way you handle some of your initial expenses can make a large difference in your federal tax bill.
(Date posted: July 20, 2021)
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.