As mentioned in last week’s tax tip, the American Rescue Plan provided big tax breaks in 2021 that benefitted many families. Among them was the increased Child and Dependent Care Credit. For 2021, taxpayers could claim up to $8,000 of…
The American Rescue Plan of 2021 supplied big tax breaks for many families. Among them was the increased child tax credit of $3,000 per child over the age of six and $3,600 per child under the age of six. Also…
Restaurant meal expenses incurred by a business in connection with clients and employees are 100% tax deductible for 2022. Enacted in December 2020 as part of the Consolidated Appropriations Act, this 100% deduction applies to years 2021 and 2022 only. …
Donating to qualified charities such as churches and other 501(c)(3) non-profit organizations is a great way to support your community and organizations that help others. The added benefit of charitable giving is when it leads to a tax deduction, too!…
Do This When Paying Your Taxes Online to Avoid IRS Notices Last tax season we saw an influx of “balance due” IRS CP14 notices. In many of these cases, the taxes had already been paid online at…
The Inflation Reduction Act (the Act) of 2022 extends and expands tax credits for making your home and vehicles more energy efficient. Here are a few noteworthy provisions in the Act. Energy Efficient Home Improvement Credit (formerly known…
The new year has begun, it is time to start gathering documents and information for your tax advisor. This can be an overwhelming and time-consuming task. One choice is that we can send you an organizer that will summarize data…
When it is time to make a tax payment, who would you trust more to get the payment to your account: the United States Postal Services (USPS) or the Internal Revenue Service (IRS)? If you’re like me, my response would…
Thinking about some home improvements? Maybe Uncle Sam can help you finance them with Energy Efficient Home Improvement credits. Energy Efficient Home Improvement credit The Nonbusiness Energy Property credit was revived by the Inflation Reduction Act of 2022 and renamed…
According to the South Dakota Department of Revenue, use tax is the counterpart of the South Dakota sales tax. The two taxes apply to the sales of the same products and services, have the same tax rates, and have similar…
