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Archives for April 2021

4 reasons to revisit your powers of attorney

April 29, 2021 by Apel Associates

4 reasons to revisit your powers of attorney

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself. Carefully designed financial and health care powers of attorney allow you to designate a trusted person to make financial and medical […]

Filed Under: Blog Tagged With: Powers of attorney

Why it’s important to meet the tax return filing and payment deadlines

April 27, 2021 by Apel Associates

Why it’s important to meet the tax return filing and payment deadlines

The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay  Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty […]

Filed Under: Blog Tagged With: payment deadlines, Tax deadlines

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

April 21, 2021 by Apel Associates

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return […]

Filed Under: Blog Tagged With: American Rescue Plan Act, ARPA, health insurance, premium tax credit, PTC, unemployment compensation

Why You Need Year – Round Tax Planning…

April 20, 2021 by admin

…and tips on how to do it. The IRS may have granted us a reprieve for filing our income taxes this year, but we hope you’re well into your preparation for 2020 income taxes – or finished with them. Tax planning shouldn’t be a task on your to-do list every April. It should start January […]

Filed Under: Business Tax

Know the ins and outs of “reasonable compensation” for a corporate business owner

April 19, 2021 by Apel Associates

Know the ins and outs of “reasonable compensation” for a corporate business owner

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the […]

Filed Under: Blog Tagged With: C corporation, reasonable compensation

Simple retirement savings options for your small business

April 12, 2021 by Apel Associates

Simple retirement savings options for your small business

Are you thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended as an […]

Filed Under: Blog Tagged With: retirement savings options for your small business, SEP, SIMPLE, small business

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