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 [...]
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 [...]
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 [...]
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 — [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year [...]
As the holidays approach, it's time to consider tax planning moves that will help lower this year's tax bill, as well as set you up for tax savings in future [...]