Wow! You Can Now Get a Tax Credit For Buying a Used Electric Vehicle
Article Highlights: Income Limit Credit Amount Previously Owned Clean Vehicle Qualified Sale Qualified Buyer Dealer Report Transfer of Credit to the Dealer Vehicle Identification Number Non-refundable Credit 2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time […]
Tax Benefits for Grandchildren
Article Highlights: Financially Assisting Grandchildren College savings Education savings Retirement accounts Medical expenses If you are a grandparent there are several things you can do to teach your grandchildren financial responsibility and set aside money for their future education and retirement. Before we get into actual suggestions, it is important that you understand the gift […]
Expenses From Looking For Work May Be Tax-Deductible
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Video Tips: EITC Awareness Campaign from the IRS
The Internal Revenue Service on January 27 kicked off an Awareness outreach campaign to help Americans who earned $59,187 or less in 2022 to take advantage of the Earned Income Tax Credit (EITC). This credit helps millions of hard-working people every year. But each year, many people miss out on the credit because they don’t […]
Elusive Employee Business Expense Tax Deduction
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Many Taxpayers Will See Smaller Refunds This Year
Article Highlights: Child Tax Credit Dependent Care Benefits Recovery Rebates Employee Retention Credit Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress and many state governments provided tax […]
Credit for Family and Medical Leave Benefits
Article Highlights: Written Leave Policy Variable Credit Qualifying Employee Qualifying Leave Time Limits General Business Credit The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers that allows them to claim a credit based on wages paid to qualifying employees while they are on family and medical […]
March 2023 Individual Due Dates
March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding […]
Tax Benefits for Parents
Article Highlights: Child Tax Credit Earned Income Tax Credit Head of Household Filing Status Child Care Education Savings Plans Education Tax Credit Education Loan Interest Child’s Medical Expenses If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status […]
Major Tax Developments for 2013
Thomson Reuters released their list of major tax developments for 2013. We’ve placed it on our website for your convenience but you may also check it out at their website – Thomson Reuters. Taxable & Exempt Income IRS concludes that an incentive to health care professionals and hospitals for using electronic records is income to […]