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JULY/AUGUST 2021
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sillsandassociates.com
Sills and Associates PA
4400 Silas Creek Parkway
Suite #200
Winston-Salem, NC 27104
(336) 768-3290
chamilton@sillsandassociates.com
www.sillsandassociates.com

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Parents: Reap tax benefits this year

The American Rescue Plan Act (ARPA) offers some significant tax benefits for parents in 2021, including temporary increases in the child tax credit (CTC) and the child and dependent care credit (CDCC) for eligible families. It also allows parents to claim the credit for 17-year-olds (previously the cut-off age was 16). This article explains how the ARPA affects the CTC and CDCC. A brief sidebar explains that for 2021 only, advance CDC payments will be made directly to eligible families.  

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Complete your estate plan by adding a power of attorney

The main objectives of a person’s estate plan likely revolve around family, both current and future generations. A person’s goals may include reducing estate tax liability so that more wealth can be passed to loved ones. But it’s also critical to consider oneself in case of incapacity. This article examines the benefits of including a power of attorney in an estate plan.

Merging for tax dollars

The COVID-19 pandemic has had an enormous impact on the economy, but different types of businesses have been affected differently. As the struggles continue, many corporations have found themselves with net operating losses and other tax benefits they won’t be able to use in the foreseeable future, while others have enjoyed unusually high profit levels. This article details a merger or acquisition-based strategy where one corporation’s losses can be offset against the other company’s profits.

Tax Tips

These brief tips detail strategies for minimizing required minimum distributions from IRAs; answer the question of whether online sales from sites such as ebay are taxable; and explain that the American Rescue Plan Act extended paid sick leave and the paid family and medical leave credit.

 
This publication is distributed with the understanding that the author, publisher and distributor are not rendering legal, accounting or other professional advice or opinions on specific facts or matters, and accordingly assume no liability whatsoever in connection with its use. ©2021 • 






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Sills and Associates PA · 4400 Silas Creek Pkwy Ste 200 · Winston Salem, NC 27104-3823 · USA