September 14, 2022
Details of the New Tax Rules for Electric Vehicles
The new law retains the maximum credit of $7,500 for 2023 through 2032. However, the IRA changes other rules of the road, as follows:
Small Business September 9, 2022
Income Tax Deductions for Start-Ups
A start-up business can claim a current deduction for qualified start-up costs if it meets two requirements, as stated by the IRS.
Small Business September 8, 2022
The Work Opportunity Tax Credit for 2022 (WOTC)
The latest extension—approved as part of the Consolidated Appropriations Act (CAA)—continues the WOTC for a five-year period.
September 7, 2022
Tax Issues with Student Loan Forgiveness
Generally, the income is taxable in the year that the forgiveness or cancellation occurs. The creditor will
September 7, 2022
Arranging a Tax-Favored Installment Sale
With this tried-and-true tax planning technique, you can defer the tax over several years, usually reducing the overall tax bite.
September 3, 2022
Five Tax Breaks for Higher Education
It cost a pretty penny to send your kids to school, but at least the tax law affords some measure of tax relief. Here’s a roundup of five key tax breaks for higher education.
August 25, 2022
The Tax Blotter – Aug. 2022
The Tax Blotter is a bite-sized round-up of recent tax issues.
August 9, 2022
A SEP-IRA Can Be the Easy Way Out
First off, the employer must contribute to a SEP-IRA for any employees age 21 and over who have worked for the business three out of the previous five years
Taxes August 8, 2022
Carried Interest Rules Live to See Another Day
This tax break has been in the crosshairs of Congress for years but was removed from Senate Democrats’ Inflation Reduction Act.
August 8, 2022
This Retirement Plan Is Just for Self-Employeds
You can adopt either a defined contribution Keogh plan or a defined benefit Keogh plan. As you might expect, the rules for these variations generally
August 5, 2022
Solo 401(k) Plans: Looking Out for Number One
A solo 401(k) plan works pretty much like a traditional 401(k). For starters, you can elect to defer part of your salary to your account within generous annual limits.
August 4, 2022
Starting a Retirement Plan? Keep It SIMPLE
To qualify to use a SIMPLE, the business can’t employ more than 100 workers. This includes any employees who earned at least $5,000 in the previous year.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
