AHP Blog

Created: Tuesday, March 15, 2022

When inheriting money, be aware of “income in respect of a decedent” issues

Once a relatively obscure concept, “income in respect of a decedent” (IRD) may create a surprising tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there may be ways to minimize or even eliminate the IRD tax bite.
Created: Tuesday, March 8, 2022

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come.
Created: Wednesday, March 2, 2022

5 Ways to Control Your Business Insurance Costs

Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need.
Created: Tuesday, March 1, 2022

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses:
Created: Wednesday, February 23, 2022

Should your business address retirement plan leakage?

Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well.
Created: Tuesday, February 22, 2022

Are you ready for the 2021 gift tax return deadline?

If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2021 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway.
Created: Tuesday, February 15, 2022

Married couples filing separate tax returns: Why would they do it?

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation.
Created: Friday, February 11, 2022

Economic Impact Payment – Letter 6475

This past week, the IRS began mailing letters to recipients of the economic impact payment. If you received this letter, DO NOT THROW IT AWAY. Please retain it and provide it to us with your other tax documents. This document is necessary for calculating the recovery rebate credit on your 2021 tax return.
Created: Tuesday, February 8, 2022

Did you give to charity in 2021? Andrews Hooper Pavlik PLC wants to make sure you have substantiation

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends.
Created: Friday, February 4, 2022

Advance Child Tax Credit Payments – Letter 6419

This past week, the IRS began mailing letters to recipients of advance child tax credit payments. If you received this letter, DO NOT THROW IT AWAY. Please retain it and provide it to Andrews Hooper Pavlik with your other tax documents. This document is necessary for calculating the remaining child tax credit available on your 2021 tax return.