Year-End Tax Planning Tips for Individuals

Have you taken the time to evaluate your personal tax situation for 2022? Fortunately, the federal income tax rules haven't changed much from last year — and it appears that no major last-minute changes are in the works. So, you can plan with more certainty this year than in some past years. Here are several strategies to consider implementing before year end.

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Federal Tax News for Individuals

Tax Breaks for Home Energy Conservation Upgrades The Clean Vehicle Credit for electric vehicles is getting a great deal of attention, but the Inflation Reduction Act (IRA) also includes many new or revised home energy improvement related tax credits. For […]

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New Rules for EV Tax Credits Under a New Law

The Inflation Reduction Act (IRA) updates the credit of up to $7,500 for new clean vehicles and introduces a tax credit of up to $4,000 for the purchase of used electric vehicles (EVs). But several rules and restrictions apply, including limits on the prices of vehicles and the income of buyers. Here's what you should know if you're in the market to purchase a clean vehicle.

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Self-Employed Business Owners: What’s the Right Retirement Plan?

The self-employed have several options to consider when setting up a tax-advantaged retirement plan. Two popular options — solo 401(k)s and defined benefit pension plans — allow you to make significant annual deductible contributions, but they aren't necessarily easy to set up and operate. Here's some critical information to help evaluate these plans.

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Federal Tax News for Individuals

1. Receiving Money from "Crowdfunding" May Come with a Tax Bill 2. Court Upholds the IRS Rejection of an Offer in Compromise 3. Beware of Various Tax-Related Scams 4. How the IRS Whistleblower Program Works 5. Is Your Hobby Actually a Business?

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401(k) Loans: Yay or Nay?

When times are tough, a loan from your employee retirement account can provide much-needed relief. But it's important to understand how these loans work — including the potential pros and cons — before you borrow from your retirement nest egg. 401(k) loans can have short- and long-term adverse financial consequences, especially if you're unable to repay them on time.

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The Wide-Ranging Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA), an extensive piece of legislation that President Biden has signed into law. The IRA contains tax breaks, tax increases for some large, profitable corporations and provisions related to the federal deficit, climate change, drug prices for those enrolled in Medicare — and much more. Here are some of the highlights.

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Federal Tax News for Individuals

More EVs Eligible for a Tax Break but Automakers Would Like to Expand It The IRS has added more electric vehicles (EVs) to its list of those eligible for a federal tax credit. The tax code provides a credit (of […]

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Consider Taxes Before Selling a Highly Appreciated Vacation Home

Residential property values are currently high in many parts of the country. Should you cash out on a vacation home that's increased significantly in value? Before calling your realtor, consult with your tax advisor to understand how much tax you'll owe on the transaction. Here's an overview of the tax treatment of gains from vacation home sales. The outcome can vary depending on your situation.

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