New Tax Law Improves Qualified Charitable Distribution Benefits (QCD)
Some charitably inclined seniors will be happy to hear that the tax rules for qualified charitable distributions (QCDs) have just become more favorable under the new SECURE 2.0 law. If you have an IRA, here are two major improvements you might be able to use, along with an overview of how QCDs can have favorable tax implications.
Read More Tax Treatment of Debt Forgiveness: Watch Out for Tax Bills Delivered COD
When times are tough, debt forgiveness may seem like a blessing — but it can result in unexpected tax consequences for the unwary. Here's an overview of rules for so-called "cancellation of debt" (COD) income, including the differences between recourse and nonrecourse loans. Beware: There are many exceptions and exclusions that complicate the rules.
Read More Hall, Kistler & Company Promotes Knapp and Madenfort and Welcomes Clevinger
Jordan Knapp promoted to Supervisor, Mitchell Madnefort promoted to Senior Accountant and welcome Diana Clevinger
Read More 2023 Tax Calendar
Reference this tax calendar to learn the 2023 deadlines for various tax-related forms and payments.
Read More Federal Tax News for Individuals
1. Energy Efficient Home Tax Credit FAQs
2. Two Innocent Spouse Relief Outcomes in Court
3. Whistleblower Qualifies for IRS Award
4. Didn't File a Tax Return? The IRS May File for You
5. Clean Vehicle Tax Credit List Expands
Read More 5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law
On December 29, President Biden signed the omnibus spending bill, which includes the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Among many other provisions, this new law includes five major taxpayer friendly changes that may help you save for retirement. Here are the details.
Read More Important Tax Figures for 2023
Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more.
Read More Federal Tax News for Businesses
Farmers Are Partially Allowed Depreciation Write-offs
2. Closing a Business? Here Are Some Steps to Take
3. Deductions Disallowed Due to Insufficient Records
4. Trust Fund Recovery Penalty is Upheld by Court
5. Court Rules Business Must Show a "Profit Motive"
Read More Four Tax Breaks for Home Improvements
Home improvements may provide sizable tax savings. But there's a catch: You must follow the IRS blueprint.
Read More Are You Missing the Roth IRA Boat?
If you're self-employed, consider making nondeductible Roth IRA contributions, in addition to contributing to traditional tax-deferred retirement accounts.
Read More Year-end spending package tackles retirement planning, conservation easements
Tucked into the Consolidated Appropriations Act of 2023 is a package of enhanced retirement benefits, otherwise known as the SECURE 2.0 Act. Here are some of the provisions.
Read More Putting a price tag on intangible assets
How much are intangible assets worth in today’s volatile marketplace? Here’s how to find the answer.
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