Federal Tax News for Individuals

1. 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 example, the credit previously known as the Residential Energy Efficient Property (REEP) Credit is…

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2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:…

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Federal Tax News for Individuals

federal tax

Read five headlines in 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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Year-End Tax Planning Ideas for Your Small Business

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes will likely produce the best results for most businesses, as will bunching deductible expenses…

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Self-Employed? Build a Nest Egg With a Solo 401(k) Plan

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg.…

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Why an LLC Might Be the Best Choice of Entity for Your Business

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best…

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The Inflation Reduction Act Includes Wide-Ranging Tax Provisions

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO),…

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Federal Tax News for Individuals

1. 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 up to $7,500) to purchasers of qualified plug-in electric-drive passenger vehicles and light trucks.…

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2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. August…

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Help When Needed: Apply the Research Credit Against Payroll Taxes

Here’s an interesting option if your small company or start-up business is planning to claim the research tax credit. Subject to limits, you can elect to apply all or some of any research tax credits that you earn against your payroll taxes instead of your income tax. This payroll tax election may influence some businesses…

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