The Inflation Reduction Act (IRA) introduced, extended or enhanced many green-energy-related tax incentives, including those for electric vehicles and home modifications. There’s been much discussion in Washington regarding the fate of these incentives if the political landscape changes in November. The consensus is there won’t be an outright repeal of all incentives. According to Senate […]
Read More Green energy tax incentivesVacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the […]
Read More Taxes when you sell an appreciated vacation homeHealth Savings Accounts (HSAs) are tax-advantaged accounts funded with pretax dollars. Funds can be withdrawn tax-free to pay qualified medical expenses. An HSA must be coupled with a high-deductible health plan (HDHP). The IRS annually adjusts HSA and HDHP amounts for inflation. For 2025, the maximum HSA contribution amount for individuals will be $4,300 ($4,150 […]
Read More Health Savings AccountsIf you need cash quickly, you may be considering a withdrawal from your traditional IRA. However, if you’re under age 59½, the IRS defines that as an “early withdrawal,” which is generally subject to a 10% penalty tax. Several exceptions exist. One exception allows you to take a penalty-free withdrawal for the purchase of an […]
Read More Need a home downpayment?It’s not unusual for a partner to incur expenses related to the partnership’s business. This is especially likely to occur in service partnerships such as an architecture or law firm. For example, partners in service partnerships may incur entertainment expenses in developing new client relationships. They may also incur expenses for: transportation to get to […]
Read More When partners pay expenses related to the business“Ghost employers” issue Forms W-2 to their employees but don’t submit those forms to the Social Security Administration, file employment tax forms or make federal tax deposits. To help reduce the tax gap associated with this scheme, the IRS has called in ghost busters, according to the Treasury Inspector General for Tax Administration (TIGTA). Recently, […]
Read More the IRS Ghost Employer ProjectA 2023 report issued by the U.S. Government Accountability Office (GAO) discovered a 65% reduction in the use of the IRS’s alternative dispute resolution (ADR) process. At the time, the GAO recommended that the IRS create a more robust program, collect more data and provide a neutral contact person for taxpayers and advisors. Now the […]
Read More IRS is opening an Alternative Dispute Resolution Program Management OfficeMany businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net profits. That’s why it’s important to look at the other side of the ledger — expenses — as you aim […]
Read More 4 cost-cutting areas to help your business boost profitsThe SECURE 2.0 Act provides special rules for distributions from retirement plans and for retirement plan loans when taxpayers are affected by federally declared disasters. The IRS has released a fact sheet with frequently asked questions (FAQs) about how the rules work. Prior to the enactment of SECURE 2.0 in 2022, no disaster relief regarding […]
Read More Secure 2.0 Act’s special distribution rulesReal ID license deadline in May 2025 means you’ll need new card to fly – USA TODAY https://bit.ly/3K78v92
Read More Real ID license deadline in May 2025 means you’ll need new card to fly
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