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 »
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 are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020. These work great if you are actually in need of more deductions for 2020. If your business did very poorly this year due to Covid-19, your 2020 tax bracket might be so low that you’ll
2020 Last-Minute Year End Business Tax Deductions Read More »
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term
The SBA Made 6 Monthly Loan Payments on Your Behalf. Is That Taxable Income? Read More »
Hello Everyone, There is some confusion out there about how the new Section 199A tax deduction is calculated, particularly around the “Taxable Income” definition, which is the starting point for the entire calculation. To clarify: Taxable Income is the starting point for your Section 199A deduction, and you can obtain that number from
How Capital Gains Can Hurt Your New 199A 20 Percent Tax Deduction Read More »
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Who Are The Winners and Losers? Hello Everyone, As you may recall from our previous Tax Alerts from Feb 3 and May 21, one of the key items passed in the recent tax reform, the Tax Cuts and Jobs Act (TCJA), was
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Read More »
New Pass Through Entity Tax (PET) on CT S Corporation and Partnership Owners Hello Everyone, As a direct response to recent Federal tax reform, which limits State and Local Tax (SALT) tax deductions as an itemized deduction on your Federal tax return to just $10,000, CT Governor Dan Malloy signed a new “Pass-Through Entity Tax”
CT Pass-Through Entity Tax Passed on May 31, 2018 Read More »
If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS, and that substantially increases your chances of an IRS audit. The tax code contains a business
Do Your Business Losses Make You an IRS Target? If So, Do This Read More »
When Tax Reform was hot off the press a few months back, we sent you a tax alert to let you know the deductions for business meals were changing. It caused a lot of uproar! And confusion too. I discovered that people get really upset when the government starts messing with their tax-deductible food! As
Tax Reform Update on Strategy for Business Meals with Clients and Prospects Read More »
