Estate planning: Joint ownership pros & cons

Estate planners often tout the virtues of owning property jointly — and with good reason. Joint ownership generally offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of all the implications. Title Wording Matters Joint ownership requires interests in property …
Read More

Eligible employers: Act now, claim Employee Retention Credit

The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules: Background Congress enacted the ERTC in the CARES Act to encourage employers to hire and retain employees during the pandemic. Initially, …
Read More

Tax changes are here — and more are likely to follow

By Christopher Davis, CPA To date, President Biden’s American Rescue Plan has been enacted and has changed various tax credits, including the child tax credit, earned income credit and the child and dependent credit.  The American Jobs Plan and The American Families Plan (not yet law) contain several proposed changes including: The increase of the …
Read More

Six key tax breaks homeowners may be able to claim

The days of classic “tax shelters”— such as cattle breeding or oil drilling deals — are long gone. But at least one major tax shelter is still standing: Your home. If you own your principal residence, you can cash in on a bevy of tax breaks, saving thousands of tax dollars or even more. Accordingly, here …
Read More

Nanny tax rules: Proceed with caution

When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. Over the years, there have been news stories about political appointees and others who got into trouble because they didn’t pay nanny taxes. The same could happen to anyone. You must generally pay Social Security, Medicare and federal unemployment …
Read More

Physician partnerships are hard, but conflicts are avoidable

Partnerships in any industry are challenging. It’s impossible for all parties to agree on everything, and compromise can be difficult. It’s just human nature. Physician partnerships are no different. From finances to strategy, decisions must be made constantly, and each one presents opportunities for conflict.  However, there are ways to reduce tension and promote a …
Read More

New tax break makes child care less expensive for certain taxpayers

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 …
Read More

Sol Schwartz & Associates named among Best Companies to Work for in Texas

Sol Schwartz & Associates has been named one of the 2021 Best Companies to Work for in Texas by the Texas Association of Business (TAB), Texas Society of Human Resources Management and Best Companies Group. This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Texas, …
Read More