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Increase in Age for RMDs

In December 2022, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 contains over 90 changes to help retirement savers and urges more employers to offer retirement plans. One of these changes increases the age at which you must begin taking Required Minimum Distributions…

March 28, 2023

2022 – Last Year for 100% Bonus Depreciation?

Since the 2017 Tax Cuts and Jobs Act, businesses have been allowed to write-off 100% of the cost of eligible property in the year the property is placed into service by using bonus depreciation. To qualify for bonus depreciation, the property placed into service must have a useful life of…

March 21, 2023

Gifting – Is it Taxable?

We often get questions from our clients on gifting and its potential tax implications. A gift of money or property is not deductible on your personal income tax return nor does the recipient report the gift as income on their tax return. Gifts, however, may be subject to…

March 7, 2023

2022 Child and Dependent Care Credit

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 qualifying childcare expenses for one child and $16,000 for two…

February 28, 2023

2022 Child Tax Credit

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 there was a higher age limit of 17 and many…

February 21, 2023

How Much is that Business Meal Worth?

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.  The purpose of this law was to help the restaurant…

February 14, 2023

The Changing Rules of Charitable Giving

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! For 2022 and future years, the 60% of adjusted gross…

February 7, 2023

Avoid IRS Notices

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 IRS.gov. Receiving inaccurate notices from the IRS is frustrating for…

January 30, 2023

New and Improved Energy Tax Credits

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 as the Nonbusiness Energy Property Credit) The old credit, which…

January 24, 2023