Top State and Local Tax Considerations for 2020/2021
…implications for sales and use taxes. While not the main focus, the decision may also have substantial implications for income taxes. Wayfair Sales Tax The Wayfair decision by the U.S….
…implications for sales and use taxes. While not the main focus, the decision may also have substantial implications for income taxes. Wayfair Sales Tax The Wayfair decision by the U.S….
…few discretionary planning methods left to help reduce their tax liability. Charitable Contributions: Bunching into One Tax Year Beginning with tax year 2018, the Tax Cuts and Jobs Act (TCJA)…
…taxes paid to other states, also for taxable years 2021 through 2025. The Virginia Department of Taxation issued Tax Bulletin 22-6, which provides additional information regarding this entity level tax…
Due date for federal estate tax portability election extended With the current federal estate tax exemption of $12.06 million per individual as of January 1, 2022, taxpayers with estates less…
…May Provide Opportunities for Gift and Estate Tax Planning Strategies 2020 has already seen turbulence as a result of the COVID-19 pandemic and demonstrations for social reform. This turbulence has…
…Tax Changes for Trusts Surtax on Non-Grantor Trust Similar to the surtax provisions discussed above, a 5% surtax would apply to the adjusted gross income of non-grantor trusts in excess…
…tax planning opportunities or charitable deductions? Contact your Keiter Opportunity Advisor or Email | Call: 804.747.0000. We are here to help. Additional Tax Planning Resources for Families, Executives and Entrepreneurs…
…giving in order to reduce your taxable income for 2023. For many high wealth taxpayers, the use of charitable contribution planning may be one of the few discretionary planning methods…
…benefit you. Business Tax Planning Considerations for Sole Proprietors, LLCs, and S Corps This listing focuses on individual planning strategies, but many taxpayers include business income (or loss) on their…
…child tax credit (CTC) exceeds the taxpayer’s tax liability, the taxpayer is eligible for a refundable credit equal to 15% percent of so much of the taxpayer’s taxable earned income…
…Deductions of Virginia individual income taxes Taxpayers can deduct the actual amount of real and personal property taxes imposed by Virginia or any other taxing jurisdiction when those taxes are…
…use tax reporting requirements and then seeking payment of use tax from the customers. Use Tax Rules The rules for use tax are very similar to sales tax, other than…