Concerned that you may see smaller refunds this year on your tax return? You have every right to, because it’s true. Congress has for years used the tax return as a means of providing benefits to taxpayers in need. In addition Congress has provided incentives to stimulate activities in business, as well as addressing environmental …
Tax Blog
S Corporation Stockholder? Be Sure You’re Taking Reasonable Compensation In The Form Of Wages.
S corporation requirements, specifically those regarding reasonable compensation, are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their …
Wow! You Can Now Get A Tax Credit For Buying A Used Electric Vehicle
2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have ever qualified for a tax credit. While the credit is less than the credit for purchasing a new electric vehicle, what a …
Wow! You Can Now Get A Tax Credit For Buying A Used Electric VehicleRead More
Be On The Outlook For Tax Reporting Forms
With tax season upon us, your 2022 tax reporting forms should have already arrived, or will be arriving soon. These documents report income, sales and other items needed for your 2022 tax return. Be on the lookout for them and be careful not to accidently throw them out. Here are some of the common tax …
Video Tips: 2020 Unemployment Income – Final Adjustments Made by IRS
The Internal Revenue Service recently completed the final automatic corrections of tax year 2020 unemployment income for overpaid taxes. Some 12 million refunds were issued. These corrections were for taxpayers who overpaid their taxes on unemployment compensation they received in 2020. Watch the video to learn more.
Video Tips: 2020 Unemployment Income – Final Adjustments Made by IRSRead More
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?
Wondering who gets to claim the children’s tax benefits if you are a divorced or separated parent? While the question is common, the answer of who claims the child or children for tax purposes is often misunderstood. Often this is a hotly disputed issue between parents. However tax law includes specific but complicated rules about …
Who Claims The Children’s Tax Benefits – You Or Your Ex-Spouse?Read More
Just Announced – Standard Mileage Rates for 2023
Checking the mileage rates for 2023? This article discusses each of the standard mileage rates for 2023 and how they apply. The Internal Revenue Service recently announced the inflation-adjusted 2023 optional standard mileage rates. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!
Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify. For the first time Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers. But first a little background. Prior to …
Planning On Buying a New Electric Vehicle for the Tax Credit? Read This First!Read More
Consequences Of Filing Married Filing Separate
Considering filing married filing separate instead of a joint tax return? While married taxpayers generally have the option to file a joint tax return or separate returns, there is also a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, read …
