Entries by brett@bonniburns.com

Biden Administration’s Tax Blueprint

TREASURY’S GREEN BOOK PROVIDES DETAILS ON ADMINISTRATION’S TAX BLUEPRINT   The Treasury Department on May 28 released its general explanation of tax proposals included in the Biden administration’s fiscal year 2022 budget submission to Congress. Commonly known as the “Green Book,” the 114-page document provides more details regarding the administration’s tax proposals that had been […]

Appreciating the Helpful Balance of Bonds

Stock market swings may bring fortune or fear, so investors shouldn’t forget about the helpful balance of bonds. Perhaps the most “user friendly” is a U.S. government savings bond. Buying one means you’re essentially lending the federal government money at a certain interest rate in exchange for a future return. U.S. savings bonds don’t offer […]

The Tax Treatment of Start-up Expenses

With the economy expected to improve in the months or quarters ahead, many business owners and entrepreneurs may decide to launch new enterprises. If you’re among them, be aware that the way you handle some of your initial expenses can make a large difference in your tax bill. General rules Start-up costs include those incurred […]

Bolster Wealth Management with Trusts

Trusts can be a useful tool for affluent individuals and families when it comes to wealth management, protection and growth. But there are a wide variety to choose from, so it’s important to clearly understand the benefits and limits of a trust before choosing any one type. What’s a trust? A trust is a legal […]

U.S. Small Business Administration Awarding Funding Through the Restaurant Revitalization Funding Program

On March 11, 2021, the American Rescue Plan Act (ARPA) was announced as public law (P.L. 117-2) Section 5003, which appropriated $28.6 billion for the U.S. Small Business Administration (SBA) to award as funding to restaurants, bars, and other similar places of business that serve food or drink. Recipients are not required to repay the […]

Considering a Roth IRA Conversion

Investors have long grappled with the conundrum of whether to opt for a traditional or Roth IRA. One factor that might tip the scales toward a Roth is a downturn in the value of your investments. If you have a traditional IRA, a decline may provide a valuable opportunity to convert your traditional IRA to […]

Worker Classification is Still Important

Over the last year, many companies have experienced “workforce fluctuations.” If your business has engaged independent contractors to address staffing needs, be careful that these workers are properly classified for federal tax purposes. Tax obligations The question of whether a worker is an independent contractor or an employee for federal income and employment tax purposes is […]

How the Consolidated Appropriations Act Affects Education Funding

The Consolidated Appropriations Act (CAA), signed into law late last year, contains a multitude of provisions that may affect individuals. For example, if you’re planning to fund a college education or in the midst of paying for one, the CAA covers two important areas: Student loans. The CARES Act temporarily halted collections on defaulted loans, […]