Inflation Reduction Act expands valuable R&D payroll tax credit
The Inflation Reduction Act expands the R&D payroll tax credit for eligible small businesses for tax years beginning after Dec. 31, 2022. Learn more about what’s new and what requirements must be met to qualify.
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Tax Credit Helps Employers Who Hire Certain Employees If your business is looking to hire, you should know about a valuable one-time tax credit. The Work Opportunity Tax Credit (WOTC), which is available through 2025, encourages employers to hire from […]
Read More How Can Small Business Owners Lower Taxes for 2022?
Good news: There's still time for small businesses to make some tax-smart moves between now and year end to lower their federal income tax bills this year. Plus, there probably won't be any significant unfavorable federal tax changes that will take effect in 2022. That means you can plan with greater certainty this year than last year. Here are some ideas to consider before New Year's Eve.
Read More 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.
Read More IRS offers penalty relief for 2019, 2020 tax years
The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
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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 […]
Read More 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.
Read More 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.
Read More Businesses: Act now to make the most out of bonus depreciation
If your business plans to purchase bonus depreciation qualifying property, take action soon to realize a valuable tax break.
Read More 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?
Read More CHIPS Act poised to boost U.S. businesses
The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment
Read More 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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