How Can Small Business Owners Lower Taxes for 2022?

It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax law changes are expected this year. So, there’s more certainty regarding the tax rules today…

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Year-End Tax Planning Tips for Individuals

With year-end fast approaching, it’s time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. The good news is that it now appears that there won’t be any significant unfavorable federal tax changes that will take effect…

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Inflation Reduction Act Expands Deductions for Energy-Efficient Construction

Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant expansion and extension of two tax deductions for energy-efficient construction. The changes to the Section 179D deduction for commercial buildings and the…

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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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Inflation Reduction Act Expands R&D Payroll Tax Credit

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses, including a payroll tax credit for R&D activities. The IRA more than doubles the…

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The Wide-Ranging Inflation Reduction Act Is Signed Into Law

Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise tax on stock buybacks. It’s intended to reduce the U.S. deficit by about $300 billion.…

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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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NJ Announces ANCHOR Program – Property Tax Relief Benefit for Tax Year 2019

New Jersey announced a new Property Tax Relief Benefit, the ANCHOR Program, which replaces the previous Homestead Benefit program for Tax Year 2019. The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program has expanded eligibility for property tax relief and will benefit a large number of homeowners and tenants. This…

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