Inflation Reduction Act expands valuable R&D payroll tax credit
Posted September 30, 2022 / No comments
When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as
Read MoreThe Inflation Reduction Act includes wide-ranging tax provisions
Posted August 15, 2022 / No comments
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO),
Read MoreCan you deduct the costs of a spouse on a business trip?
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 MoreDoes your trust need protection?
Posted January 27, 2022 / No comments
Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much wealth as possible for your family by protecting it from estate taxes and creditors’ claims. On the other hand, you want to have some control over your assets during your life. Unfortunately, these two goals
Read MoreHelp safeguard your personal information by filing your 2021 tax return early
Posted January 20, 2022 / No comments
The IRS announced it is opening the 2021 individual income tax return filing season on January 24. (Business returns are already being accepted.) Even if you typically don’t file until much closer to the April deadline (or you file for an extension until October), consider filing earlier this year. Why? You can potentially protect yourself
Read MoreThe American Rescue Plan Act has passed: What’s in it for you?
Posted March 11, 2021 / No comments
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA
Read MoreIRS issues final regs on ICHRAs
Posted January 22, 2021 / No comments
In mid-January, the IRS issued final regulations that clarify the application of employer shared responsibility provisions under the Affordable Care Act (ACA), as well as nondiscrimination rules, to Health Reimbursement Arrangements (HRAs). The regs also address Individual Coverage Health Reimbursement Arrangements (ICHRAs). These accounts allow employers to make tax-deductible contributions to reimburse employees for part
Read MoreDon’t procrastinate if you plan to transfer ownership of your life insurance policy
Posted October 5, 2020 / No comments
Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the policy, but there’s a catch: If you wait too long, your intentions may be defeated. Essentially, if ownership of the policy is transferred within three years of your death, the proceeds revert
Read MoreCARES Act made changes to excess business losses
Posted August 25, 2020 / No comments
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is more information about
Read MoreWill You Have to Pay Tax on Your Social Security Benefits?
Posted August 25, 2020 / No comments
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your
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