American Families Plan Tax Changes

President Biden’s American Families Plan tax changes has a substantial impact on high-income taxpayers. What are the odds that the bill will be passed into law? Since the Senate is evenly divided at 50/50 for each party the Democrats will need all 50 votes from their side and the support of the vice president to pass the bill through budget reconciliation.

What impact will the American Families Plan have on tax rates?

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New Lease Rules For GAAP Financial Statements

The new leasing standard (ASC 842) will impact all GAAP financial statements next year. This new standard will affect every company issuing GAAP financials that has any type of lease agreement (office lease, copy machine, auto lease, etc.). Under the new standard, all leases, regardless of being capital or operating leases, must be reported on the balance sheet as an asset with a related lease liability. Complying with this standard will be a tedious task and will also impact income tax liability.

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Teaching Your Kids About Investing

While books, games, and toys are all great gifts for kids, one of the gifts we can give our children that often goes ungiven is financial education.

Kids that aren’t taught basic financial and money management skills can accidentally end up in debt or living outside of their income level. This could potentially lead them to need financial support from parents much longer than is ideal.

Here are some vital money lessons that can help your kids get a great start to their financial education.

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Reminder – 100% Business Meal Deduction

In an effort to assist the restaurant industry, the Consolidated Appropriations Act of 2021 introduced a 100% business meal deduction. The new provision creates a temporary but meaningful tax incentive to spend more in restaurants. This means that business owners can write off meals and entertainment at full cost (formerly 50%) for the years 2021 and 2022.

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Cryptocurrency CPA Firm – What is Cryptocurrency?

There’s a type of currency that businesses never physically touch. It’s virtual but spendable. It’s made of digital 1s and 0s instead of copper or paper. It’s cryptocurrency, and it’s growing in popularity. This increasing popularity means that if cryptocurrency isn’t part of your investment plans today, it very well may be in the future. Without knowing what it is and how it works, it is extremely difficult to make the correct decisions when investing in or utilizing cryptocurrency. As a Cryptocurrency CPA firm, we can assist in answering some of the more difficult questions that continue to come up for investors and business owners.

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Lowering Your Bitcoin Taxes

The price of Bitcoin is hitting all-time highs as more and more people flock to invest in it. Lots of investors are having massive gains and need to consider the hardest question about their investment: do I hold, buy, or sell now?

If you choose one of the former two options, you do not have to worry about bitcoin taxes yet. However, if you choose to sell, you will have the IRS looking at you since the sale is a taxable event. The good news is that you can lower your taxes by creating a strategy in advance. While you will have to pay taxes on selling your investment, you can lower your taxes by planning in advance. Here are some strategic options to let you keep more of those Bitcoin gains.

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