Secure Act 2.0 introduced the ability to convert and transfer 529 plan funds to a Roth IRA for the plan beneficiary. Here’s how it works.
New Tax Rule for 2024: Rollover Up to $35K of Your 529 Funds into a Roth IRA Read More »
8 states currently offer tax incentives and rebates for purchases of electric vehicles. Here are the state-by-state details for you.
State Tax Benefits and Rebates for Electric Vehicles Read More »
The IRS will be testing a new free direct E-file system during the 2024 filing season, on a small scale. If that goes well, they plan to expand the system over the next few years, assuming they can get the funding to do so, as well as fend off the tax prep industry lobbyists.
IRS Plans to Introduce a Free Direct File System: What You Need to Know Read More »
Hello Everyone, Planning for retirement is always on everybody’s minds. Usually when we hear “retirement planning” we immediately think about our 401k and IRA. What if I told you we should also be thinking about our HSA right along with those other accounts? An HSA has enormous tax-saving benefits not only during retirement but also
Top 10 Mistakes to Avoid with Your Health Savings Account (HSA) Read More »
The IRS interest rates have recently reached the highest levels we’ve seen in 15 years. In this article, we’ll discuss the impact of these interest rates on underpaid or late paid taxes and provide you with valuable tips to avoid penalties and save money.
IRS Interest Rates: How to Avoid Costly Penalties and Save Money on Taxes Read More »
1. The existing electric vehicle tax credit that applied to both business and personal vehicles remains unchanged from January 1 to August 16, 2022. 2. The new and difficult North America assembly rules apply from August 16 through December 31, 2022, and require tax planning if you want to buy an electric vehicle this year.
Business Tax Credits for Your Electric Vehicle Purchases Read More »
After a marathon weekend in Washington DC, a health and energy bill has been passed by the Senate, a skinny version of the failed Build Back Better Act, in the form of the oddly-named Inflation Reduction Act of 2022 (the “Bill”). It should pass the House this Friday, and get a Presidential signature shortly thereafter.
The Inflation Reduction Act of 2022 Read More »
Here is the latest update we have on the new CT PET Tax that we have been sending our clients so many communications about: IRS has issued no guidance indicating whether the CT PET payments will be recognized as a deductible business expense for Federal tax purposes. We should plan on not taking a Federal
An Update On The New CT Pass Through Entity Tax Read More »
Congress Has Failed to Pass Any New Economic Relief, A Few Executive Orders to Update You On Instead Dear Friends, I’ve been holding off on sending you an update this week, in hopes that some kind of miracle agreement would get done, but those hopes are fading, so I figure I’ll give you a status
Covid-19 Economic Relief Talks Have Stalled Read More »
The recent tax reform, known as the Tax Cuts and Jobs Act (TCJA), added some good benefits to your real estate rentals, both commercial and residential. Notably, your qualified business income from your real estate rentals creates a possible 20 percent tax deduction with no effort on your part. And if you want less taxable
Tax Reform Does Much to Help Your Rental Real Estate Read More »
