Adoption Tax Credits: Easing the Financial Journey of Parenthood
There are two tax breaks that help eligible parents offset the expenses of adopting a child. In 2025, adoptive parents may be able to claim a credit against their [...]
Get Tax Breaks for Energy-Saving Purchases This Year Because They May Disappear
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On [...]
R&E Capitalization Has Unintended Effect on Small Businesses
The Tax Cuts and Jobs Act (TCJA) brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After [...]
Tips to Minimize the Kiddie Tax
The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]
Understanding the $7,500 Federal Tax Credit for Buying an Electric Vehicle
Electric vehicles (EVs) have become increasingly popular. According to Kelley Blue Book estimates, the EV share of the vehicle market in the U.S. was 7.6% in 2023, up from [...]
10 Tax Breaks to Consider on Extended Returns
If you requested an extension for your 2023 federal income tax return, you have until six months from the original due date — October 15, 2024, to be exact — [...]
Get to Know the Educator Expense Tax Deduction
Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, [...]
You May Be Entitled to Tax Breaks If Caring For An Elderly Relative
There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive [...]
Tax Credit Cuts Price of Home Energy Audits
Homeowners have long been rewarded with favorable tax treatment for making energy-efficient improvements. The Inflation Reduction Act, enacted in 2022, expands the tax credit for qualified energy-efficient improvements to help [...]
Navigate the Tax Rules for Boats and RVs
Will you be cruising the waters on your boat or camping out in your RV this year? Besides the pleasure you can enjoy through your personal property, you may also [...]
Don’t Overlook the Child Care Tax Credit
For years, the tax code has offered an incentive for employers to provide child care to their employees in the form of the Section 45F child care tax credit. But [...]
New Twists and Turns Taken By EV Credits
Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new-and-improved tax credit, beginning on [...]
Filing jointly or separately as a married couple: What’s the difference?
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks [...]
Should Your Business Offer the New Emergency Savings Accounts to Employees?
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it [...]
Answers to Your Tax Season Questions
The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year [...]