Article Highlights: Contractor Developer Credit Retroactive Extension to 2022 Increased Credit 2023 through 2032 Prevailing Wage Requirements Qualifications Qualifying Residential Projects Non-Refundable Credit Basis Adjustment As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit from the increased tax credit for building Energy Efficient New […]
Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) […]
Article Highlights: Itemized Versus Standard Deductions Medical Expenses Taxes Charitable Contributions If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard deduction or itemize their […]
October 2022 Individual Due Dates October 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA […]
If you had to make a list of some of the biggest issues that plague small business owners on a regular basis, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out of your business. It represents your ability to capitalize on […]
Article Highlights: October 17, 2022 is the extended due date for 2021 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 17 deadlines If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the […]
Article Highlights: Relief Amounts Income Limitations Dependents of Another Pell Grant Recipients Repayment Pause Monthly Payment Reduction Cancellation of Debt Income On August 24, President Biden announced a three-part plan to deal with student loan debt which includes, among other things, $20,000 in loan relief to borrowers with loans held by the Department of Education […]
Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or […]
Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some […]
September 2022 Individual Due Dates September 1 – 2022 Fall and 2023 Tax Planning Contact this office to schedule a consultation appointment. September 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your […]