Planning On Buying a New Electric Vehicle and Claiming a Tax Credit? Better Read This First

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Article Highlights: Background Qualifications Income Limit 4-wheel vehicle Street Vehicle Minimum Battery Capacity Acquired for Original Use Final Assembly MSRP Critical Mineral and Battery Components …

Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?

Article Highlights: Custodial Parent Dependency Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Earned Income Tax…

Wonder What a Tax Deduction Is Worth?

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Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Itemized deductions Business deductions Tax credits Individuals are always looking for tax deductions that can reduce their tax liability.…

Are You Missing Out on the Increased Child Tax Credit?

Article Highlights: American Rescue Plan Act 2021 Enhanced Child Tax Credit Credit Phaseout Advance Payments TIGTA Report Millions Entitled to But Did Not Receive the Credit Credit Still Available to Those That Qualify The…

Increased Tax Credits for Home Builders

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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…

Electric Vehicle Credits Phasing Out

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Article Highlights: Tax Credit Credit Phase-Out Determining the Credit Off-Road Vehicles and Golf Carts Allocation Between Business and Personal Use Credit Reduces Basis Business Standard Mileage If you are considering…

What’s Next for the Child Tax Credit?

December 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that…

Tax Benefits for Holiday Gifts

Article Highlights:   Electric Car Credit Solar Electric Credit College Student Supplies Work Equipment Charitable Gifts Employee Gifts Some holiday gifts you provide to members of your family, employees and others may…

Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit

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Article Highlights:  Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and…
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

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Article Highlights Prior Filed Returns with Unemployment Income American Rescue Plan’s $10,200 Exclusion IRS Automatic Adjustment Refund Application When an Amended Return Might Be Required The IRS announced on March 31,…