Private Client Insights, July 2021
July 29, 2021
Qualifying for Home Office Deduction in Current Times The home office deduction is a good news/bad news story. It’s good for self-employed individuals, who may take the deduction on federal tax returns. It’s bad for W2 employees, who may not take the federal deduction. However, some states have expanded the deduction since COVID-19 sent millions of workers home. |
||
How President Biden’s Tax Proposals Would Affect Individuals The Biden administration’s proposed changes to the tax code would raise the top individual tax rate and taxes on certain capital gains, as well as minimize or eliminate some tax breaks utilized by high-net-worth taxpayers. These tax changes would fund proposed programs for low- and middle-income families. |
||
C Corp or Pass-Through? Tax Advantages of Selling C Corporation Qualified Small Business Stock May Settle the Question When tax rates were 35% for corporations and 39.6% for individuals it was straightforward to decide whether to set up a business as a C Corporation or as a pass-through Subchapter S or LLC. But the tax advantages of selling C Corp Qualified Small Business Stock (QSBS) change the equation. |