LanguageEnglish
+

Friday, 19 August

Search Engine

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

Married couples filing separate tax returns: Why would they do it?

Timothy King

Posted By: Timothy King

Posted February 15, 2022 / No comments

If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly

Read More

Did you give to charity in 2021? Make sure you have substantiation

Timothy King

Posted By: Timothy King

Posted February 8, 2022 / No comments

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable

Read More

The 2021 gift tax return deadline is almost here, too

Robert Tighe

Posted By: Robert Tighe

Posted February 3, 2022 / No comments

April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally,

Read More