Graney & Company, CPA

President Biden's far-reaching proposed American Families Plan will affect just about everyone in one way or another. Some will benefit from tax breaks, while others will see their taxes increase to pay for such tax breaks.

More and more jurisdictions are passing laws requiring employers to provide paid leave to employees, and the COVID-19 pandemic has only accelerated this trend. To help you understand the potential impact on your existing policies, here are answers to some frequently asked questions on paid sick leave, vacation, and paid time off.

Transform your life. Wednesday Wisdom from Graney & Company CPA

Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. MFS filing can result in some unpleasant surprises.

The recently passed American Rescue Plan provides a 100% subsidy for COBRA premiums of eligible individuals who receive involuntary termination or reduction of hours and are not eligible for other group coverage or Medicare. Watch this video for more details.

Let's get the weekend started. Friday from Graney & Company CPA

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.

Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.

A little inspiration from Graney & Company CPA. Wednesday Wisdom

To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.

Set yourself up for success with Monday Motivation from Graney & Company CPA

Some insider tax knowledge from Graney & Company CPA.

A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.

Wednesday Wisdom and Graney & Company CPA = Success

An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.

A little inspiration from Graney & Company CPA to start your week.

First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?

Here is a fun fact for your Friday from Graney & Company CPA.