There were many new and improved tax credits with the passing of the Inflation Reduction Act of 2022, and most of these improvements were effective starting in 2023. So, as you get ready to file for the 2023 tax season, think back on the year to see if any of…
With the signing of the Inflation Reduction Act of 2022, the Energy Efficient Home Improvement Credit, previously known as the Nonbusiness Energy Property credit, and the Residential Clean Energy Credit were revived and expanded. Energy Efficient Home Improvement Credit The Energy Efficient Home Improvement Credit is applicable only to your…
Currently there are two educational tax credits allowed by the IRS, the American Opportunity Tax Credit (AOTC), and the Lifetime Learning Credit (LLC). The goal of this article is to define these two credits and discuss some of the common questions regarding their use. The AOTC is a credit for…
President Biden’s American Rescue Plan included a significant change to the Child Tax Credit for 2021. This change will impact both the timing of when you receive your 2021 child tax credits and the amount of these credits. First, the credit will be raised from $2,000 to $3,000 for children…
The American Rescue Plan, 2021 (ARPA, 2021) was passed by Congress on March 10, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. President Biden signed the bill today, March 11. The legislation extends and expands provisions found in the Families First…
When business owners hear “Work Opportunity Tax Credit” (WOTC) most think right away they only qualify for this credit if they hire ex-felons or veterans. However, this is not the case. In addition to the traditional categories for the WOTC, a new hire qualifies just by living in a…
