Read this first, please! 2021 saw taxpayers across America receiving individual tax refunds unlike any other time in history. Though we generally advise that the best tax situation is to break even every year, we know that many of our clients, and most of America, rely on that annual tax refund for a 1-time annual...Read More

UPDATE as of 11/14/2022 President Biden originally announced a plan to forgive up to $20,000 in student loans, however, the program is now in question, as a federal judge in Texas struck down the program in November 2022. After the federal judge ruled against Biden’s plan, financial advisers, including Williams & Schiller, are recommending that...Read More

What is a Roth IRA Conversion? To start, remember that a traditional individual retirement account (IRA) is funded with pretax dollars. A Roth IRA is funded with after-tax dollars. A Roth IRA conversion transfers retirement funds from that traditional IRA to a Roth IRA to take advantage of tax-free investment growth in that type of...Read More

As hard as it is to believe, we are now more than a week into 2022, and at the offices of Williams & Schiller, we are geared up and ready for the start of the 2021 tax filing season. Most likely we can all agree – the last two years have been unlike any others...Read More

Just a note to readers—if you are not an owner of a partnership or S-corporation (pass-through entity or PTE), just quit here, unless you are a real tax nerd! As you are likely aware, the 2017 Tax Cuts and Jobs Act included a provision that greatly increased the personal standard deduction and limited the deduction...Read More

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit: Amount has increased. Is fully refundable (meaning, you can receive it even if you don’t owe the IRS). May be partially received in monthly...Read More

The Paycheck Protection Program (PPP) will run until May 31, 2021, or until funds are exhausted, whichever occurs first. At this time, there is anticipation that the funds could run out well before the May 31 close date. During a Senate hearing on the efficacy of Covid-19 relief programs, associate administrator for the SBA’s office...Read More

A bill to move the Paycheck Protection Program (PPP) application deadline from March 31 to May 31 won approval in the U.S. Senate last Thursday and has been signed into law by President Biden Tuesday, March 30. The legislation extends the filing deadline for PPP applications by 60 days and provides an additional 30 days...Read More

The federal tax deadline changed to May 17. First, the IRS has postponed the filing deadline for individual taxpayers, who can postpone their federal income tax returns and income tax payment due on April 15 until May 17, 2021 without filing for an extension.  For us, this is good news. This has been a very...Read More

As the coronavirus (COVID-19) continues to affect local communities and global economies, our firm remains committed to serving your tax and financial planning needs. As part of this commitment, we want to provide you with some updates, as well as highlight some key tax provisions impacting individuals and businesses contained in the year-end coronavirus relief...Read More