Bring Home a Tax Credit for Adoption
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit. For 2022, a tax credit [...]
What Can Employers Do with Forfeited Employee FSA Balances?
When unused flexible spending account (FSA) balances are forfeited back to employers under the "use-it-or-lose-it" rule, employers have several options for what they can do with the money. Here is what [...]
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures [...]
Navigating the Tax Angles for ETFs
Exchange traded funds (ETFs) are hot. Last year, $507.4 billion flowed into ETFs listed in the United States, according to Statista, a provider of market and consumer data. Net assets held [...]
Defer Tax With a Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” [...]
Get ready for taxes: Here’s what’s new and what to consider when filing in 2022
Information from IRS.gov The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, [...]
New Digital Asset Reporting Requirements Will Be Imposed In Coming Years
The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting [...]
Smart Reasons to Hire Your Spouse
Many businesses are having trouble recruiting and retaining qualified workers today. Nearly 90% of employers reported difficulty filling open positions, according to a recent survey conducted by the Society for Human [...]
Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends
Information from IRS.gov Important “To Do’s” All Taxpayers Should Do Before the Tax Year Ends Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their [...]
Businesses Can Deduct Startup Costs From Their Federal Taxes — Learn How
Courtesy of IRS.gov When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in [...]
11 Sources of Tax-Free Income
There are still ways to earn income that is free from federal income tax. With the various tax changes that have taken effect in recent years, tax-free income opportunities are perhaps [...]
Businesses Can Show Appreciation — and Gain Tax Breaks — With Holiday Gifts and Parties
The holiday season is here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties [...]
Changes to Retirement Plans for 2022
Information from IRS.gov Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to [...]
Small Business Advertising and Marketing Costs May Be Tax Deductible
Information from IRS.gov Small Business Advertising and Marketing Costs May Be Tax Deductible The tax law allows businesses to deduct expenses that help them bring in new customers and keep [...]
Get You Piece of the Depreciation Pie Now With a Cost Segregation Study
If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow [...]