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Archives for March 2021

How to ensure life insurance isn’t part of your taxable estate

March 30, 2021 by Apel Associates

How to ensure life insurance isn’t part of your taxable estate

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax. Current exemption amounts For 2021, the federal estate and gift tax exemption is $11.7 million ($23.4 […]

Filed Under: Blog Tagged With: Estate taxes, gift tax exemption, Life Insurance

What is the Employee Retention Tax Credit (ERTC)?

March 29, 2021 by admin

What is the Employee Retention Tax Credit (ERTC)?

Eligible employers are entitled to an Employee Retention Tax Credit (ERTC) of up to 70 percent of the first $10,000 in wages and certain health care plan expenses paid per employee for each of the first two quarters of 2021 according to the New Stimulus Act. What is the Employee Retention Tax Credit (ERTC)? Designed […]

Filed Under: Business Tax

Need a new business vehicle? Consider a heavy SUV

March 29, 2021 by Apel Associates

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 law, 100% first-year bonus depreciation is available for qualified new and used property that’s acquired […]

Filed Under: Blog Tagged With: Business vehicles, heavy suv tax break

A revocable living trust works only if you properly fund it

March 25, 2021 by Apel Associates

A revocable living trust works only if you properly fund it

A revocable living trust works only if you properly fund it A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be time-consuming and expensive. Thus, a living trust enables […]

Filed Under: Blog Tagged With: estate planning, revocable living trust, trust

New law tax break may make child care less expensive

March 23, 2021 by Apel Associates

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 13 so that the taxpayer can be gainfully employed. Note that a credit reduces your […]

Filed Under: Blog Tagged With: American Rescue Plan Act, ARPA, child and dependent care credit, Dependent care

Is an S corporation the best choice of entity for your business?

March 22, 2021 by Apel Associates

Is an S corporation the best choice of entity for your business?

Are you thinking about launching a business with some partners and wondering what type of entity to form? An S corporation may be the most suitable form of business for your new venture. Here’s an explanation of the reasons why. The biggest advantage of an S corporation over a partnership is that as S corporation […]

Filed Under: Blog Tagged With: launching a business, new business, s corporation, startup

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