529 Plans – New Tax Law Provides More Options

With the rising costs of higher education, many of our clients are actively seeking ways to set aside funds to support their children and grandchildren’s future education expenses. An efficient and flexible way to save for college and its associated costs is a 529 plan. A 529 plan is a tax-advantaged savings plan specifically designed to provide for the qualified education expenses of a designated beneficiary. 529 funds grow tax-deferred, and withdrawals are tax-free provided they’re used for qualifying educational expenses. Click here to read more.

Virginia’s Tax Workaround for Business Owners

At Canal Capital Management, we provide objective guidance and disciplined investment management for our clients. Importantly, tax strategies are a part of every decision we make.

A topic we have been discussing with business owner clients is related to recent legislation that provides an opportunity for business owners to reduce their federal income tax liability if the business makes an election to pay Virginia taxes at the entity level.

Please click HERE to read more.





Congress Passes Additional COVID-19 Relief

On Monday, December 21, 2020, Congress passed an additional COVID-19 package that contains $900 billion worth of economic relief for numerous government programs across the US, loans for small businesses, vaccine distribution, and a second round of stimulus checks. The bill is pending the President’s signature and may result in further negotiations and modified terms; we will communicate additional details as they are available. For now, click HERE for a brief overview of key provisions within the (5,500+ page) package approved by Congress earlier this week.