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Tuesday, 6 December

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5 steps to take now to cut your 2022 tax liability

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 8, 2022 / No comments

It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before

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Clean Vehicle Credit comes with caveats

Robert Tighe

Posted By: Robert Tighe

Posted September 7, 2022 / No comments

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor Vehicle Credit (IRC Section 30D), now known as the Clean Vehicle Credit. While the expanded credit seems

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IRS offers penalty relief for 2019, 2020 tax years

Keith Orr

Posted By: Keith Orr

Posted August 31, 2022 / No comments

While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020

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CHIPS Act poised to boost U.S. businesses

Timothy King

Posted By: Timothy King

Posted August 5, 2022 / No comments

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it into law shortly. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also

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Businesses: Act now to make the most out of bonus depreciation

Robert Tighe

Posted By: Robert Tighe

Posted July 21, 2022 / No comments

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly. Bonus depreciation in a nutshell Bonus depreciation has

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Lost your job? Here are the tax aspects of an employee termination

Timothy King

Posted By: Timothy King

Posted March 10, 2022 / No comments

terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come. Unemployment

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Does your business barter? Here are some facts you should know

Cynthia Petschke

Posted By: Cynthia Petschke

Posted March 9, 2022 / No comments

In today’s economy, many small businesses are strapped for cash. They may find it beneficial to barter or trade for goods and services instead of paying cash for them. Bartering is the oldest form of trade and the internet has made it easier to engage with other businesses. But if your business gets involved in

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There still may be time to cut your tax bill with an IRA

Timothy King

Posted By: Timothy King

Posted March 1, 2022 / No comments

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax

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Are you ready for the 2021 gift tax return deadline?

Keith Orr

Posted By: Keith Orr

Posted February 23, 2022 / No comments

The annual gift tax exclusion has increased in 2022 to $16,000 but was $15,000 for 2021. Generally, you must file a gift tax return for 2021 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient gift tax annual exclusion for 2021 (other than to your U.S. citizen spouse), That you wish to

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Can you deduct the costs of a spouse on a business trip?

Cynthia Petschke

Posted By: Cynthia Petschke

Posted February 22, 2022 / No comments

If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This means you can’t deduct the

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