Making more money does not always have to mean paying more taxes, but you do need a plan, and more than just a prediction. Whether you are an individual or a business owner, don’t wait till yearend like most folks, when it is generally too late to do much, focus on what you can do
SECURE 2.0 Act Pros and Cons, Winners and Losers
Americans simply aren’t saving enough for retirement. Retirement plans are one of the top benefits you can offer to your employees. And thanks to incentives for employers in the SECURE 2.0 ACT there has never been a better time to start a retirement plan, creating a positive impact on employees and help make saving for
IRS ERC Scam Crackdown Continues
Is the ERC now in the rearview mirror? Not really, it remains as hot as ever in the tax-refund marketplace, and the truth is the IRS is gearing up its enforcement actions. Don’t think you are impacted? Think again! Unscrupulous tax representation firms are searching the internet for prospective clients and offering to split the
2023 EV Tax Credit Lowdown and Looming Changes
If your New Year’s resolutions included buying an electric vehicle this year, take heart. A revamped 2023 EV tax credit is a notable part of the Inflation Reduction Act, and the new law’s clean energy focus. Here are some of the changes, some are good, some not so good. Some good news: For EVs placed
BUCKLE UP FOR BIDEN’S INFLATION REDUCTION ACT AND TAXES
President Biden signed the Inflation Reduction Act—a climate, energy, healthcare, and tax law that increases IRS funding, includes several tax credits, and changes some tax policy to raise tax revenue. Basically, it is a re-brand of the Build Back Better Plan missing some controversial line items. The Inflation Reduction Act of 2022, is a sweeping
8 MID-YEAR CHECKUP TIPS FOR YOUR MEDICAL OR HEALTHCARE PRACTICE
Spending a little time on mid-year planning will make for a smoother and more successful 2022! Doctors, dentists, surgeons, and other medical practitioners should take a hard look at the last 6 months, and see how close they have come to their operational and financial goals. It may be time to reevaluate and refocus on
Build Back Better Bill Sets Bar High for Millionaires Tax
Looks like affluent investors can relax over the holidays after all! Many of them are off the hook from the tax hikes embedded in the Biden administration’s $1.8 trillion “Build Back Better” Act. Almost 4.5 million folks making between $369,300 and $884,900 will actually pay $4,340 less in federal tax in 2022 under the tax
PPP Loan Forgiveness Deadlines Ahead
Paycheck Protection Program loan forgiveness deadlines are on the horizon. Borrowers must submit forgiveness applications to lenders 10 months from the end of their covered periods, so borrowers receiving PPP loans in early- to mid-April 2020 have due dates starting in July 2021. If a loan forgiveness application is received by the due date, payments
Don’t Miss Midyear Tax Planning Opportunities
Valuable tax planning opportunities exist if you anticipate potential tax changes and take advantage of what’s still available under the Tax Cuts and Jobs Act, CARES Act, and other tax provisions. The American Rescue Plan Act enacted earlier this year included changes that will affect 2021 tax returns and, if enacted, the proposed American Jobs
Enhanced Charitable Tax Breaks For 2021
The Consolidated Appropriations Act, 2021, ushered in 2 new tax changes that will boost donors’ tax deductions for charitable giving this year. But while folks can give more to charity at a lower net cost, penalties have also increased for overstating the value of charitable gifts. The first change is an above-the-line tax deduction for
