Tuesday, April 18, 2023, is the federal deadline for filing your 2022 individual income tax return. This is also the last day to request a six-month filing extension. An important thing to note is that this is only an extension to file, not an extension to pay. Any tax due…
In December, President Biden signed the SECURE 2.0 Act of 2022 (SECURE 2.0) into law. SECURE 2.0 has over 90 changes to help retirement savers and to urge more employers to offer retirement plans. One of these changes allows more flexibility for the Solo 401(k). What is a Solo 401(k)?…
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…
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…
A provision included in the Tax Cuts and Jobs Act of 2017 requiring businesses to capitalize research and development (R&D) expenses went into effect for tax year 2022. Prior to the implementation of this tax provision, businesses could fully deduct R&D expenses incurred during the year. The new rules require…
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…
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…
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…
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…
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…
