tax breaks

The IRS has offered guidance regarding the tax treatment of energy efficiency rebates introduced by the Inflation Reduction Act.

Making time for year-end tax planning time now may prove beneficial come tax-filing time next year.

Inflated grocery and energy bills are straining household budgets this year. While you can't stop inflation, there are legitimate, proactive steps you may be able to take to lower your federal income tax bill. Here are six midyear tax planning ideas for individuals to consider. But time flies, so don't delay meeting with your tax advisor to set things in motion.

If there's a silver lining to today's inflation, it's the increase in federal gift and estate tax breaks that the IRS adjusts annually for inflation. Here's an overview of the breaks that are available for 2023 and inflation-adjusted estimates for next year. Beware: Today's favorable unified federal gift and estate tax exemption is scheduled to expire after 2025, unless Congress extends it.

Will the electric vehicle you have your eye on qualify for the Clean Vehicle Credit?

The federal tax rules for business-related meal and entertainment costs are confusing. In general, deductions for entertainment expenses have been permanently disallowed under current law, but there are several exceptions. In addition, the temporary deduction for 100% of business meals expired at the end of 2022. Read on to find out how much can be deducted under applicable rules.

1. Retirement Plan Distribution Tax Rules 2. Consequences of Unpaid Federal Tax Debt 3. A Proposal to Scrap the IRS 4. Advantages of Using Direct Deposit 5. Excludable Income from Some States

Home improvements may provide sizable tax savings. But there's a catch: You must follow the IRS blueprint.

If your manufacturing company needs new equipment, now is the time to purchase it and place it into service to maximize tax breaks relating to depreciation

Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning steps.

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.

Home ownership can be a financially rewarding investment, especially when you factor in the potential tax savings opportunities. This article summarizes various federal tax breaks that sweeten the deal for homeowners today, including the home sale gain exclusion, itemized deductions for mortgage interest and property taxes, credits for certain "green" home improvements and more.