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2021 Year-End Tax Planning Guide

Do your tax strategies need a refresh? With individuals and businesses navigating the various legislations passed in the last few years, you probably have questions about tax planning this year. To save the most on your 2021 taxes, you need to plan carefully and take advantage of all deductions, credits, and other breaks that the current tax law allows while also keeping an eye out for more tax law changes. This is exactly what our 2021 Year-End Tax Planning Guide can help you do.

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Tax and Estate Planning Guides

Our Tax Planning Guide answers frequently asked tax questions for individuals, businesses, not-for-profit organizations, and more. If you have questions about the CARES Act, the Consolidated Appropriations Act, the ARPA, tax changes under the TCJA, need a list of updating tax due dates, or have other questions, please refer to our guide HERE.

Our Estate Planning Guide helps you plan to ensure that your assets are distributed according to your wishes and your loved ones are provided for. From estate planning basics to charitable giving, life insurance, community property, and more, we have many helpful resources in our Estate Planning Guide HERE.

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Recent News

There still may be time to cut your tax bill with an IRA

There still may be time to cut your tax bill with an IRA

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022 filing date, and...

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Making withdrawals from your closely held corporation that aren’t taxed as dividends

Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible by the corporation. Fortunately, there are several alternative methods that may allow you to withdraw cash from a corporation while avoiding dividend treatment. Here are five areas where you may want to take action:

Protecting Your Company From Cryptocurrency Fraud

Protecting Your Company From Cryptocurrency Fraud

According to blockchain data company Chainalysis, cryptocurrency transactions associated with illegal activity topped $14 billion in 2021. That’s almost double 2020 numbers — and the momentum shows no signs of slowing. In addition to outright cryptocurrency theft,...

Educate your children on wealth management? (January 25, 2022)

Educate your children on wealth management? (January 25, 2022)

There’s no one right way to teach your children about money. The best way depends on your circumstances, personality, and your comfort level.

If your kids are old enough, consider sending them to a money management class. For younger children, you might start by simply giving them an allowance in exchange for doing household chores. This helps teach them the value of work. And, after they spend the money all in one place a few times and don’t have anything left for something they really want, they (hopefully) will learn the value of saving. Opening a savings account or a CD, or buying bonds, can help teach kids about investing and the power of compounding.

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