Author Archives: Cordasco
Home sales: How to determine your “basis”
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax … Continue reading
Cordasco Launches New Assessment Tool for Entrepreneurs
In conjunction with Rob Cordasco’s new book “A Framework for Growth”, we have developed a quick assessment tool to help entrepreneur’s determine their current life cycle and gain valuable information about how to avoid common pitfalls and build a world … Continue reading
Overview of Biden’s Proposed American Families Plan
President Biden released a fact sheet on his just proposed changes to the tax system early on April 28, 2021. Warning! This is just a proposal by President Biden. As such it is short on details. This is not law … Continue reading
Need a new business vehicle? Consider a heavy SUV
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current … Continue reading
The Biden Tax Compliance Proposal
In a May 20, 2021 press release the Department of Treasury outlined President Biden’s proposal for increased tax compliance. This agenda is designed to target underreporting and increase revenues from this underreporting. Check out our summary of the key provisions … Continue reading
New law tax break may make child care less expensive
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of … Continue reading
Work Opportunity Tax Credit extended through 2025
Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. Employers can qualify for a tax credit known as the Work Opportunity Tax Credit … Continue reading
Changes to premium tax credit could increase penalty risk for some businesses
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an “Exchange”). A provision of the Affordable Care Act (ACA) created the credit. The … Continue reading
Simple retirement savings options for your small business
Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” … Continue reading
Who qualifies for “head of household” tax filing status?
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which … Continue reading