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Categories for Tax and Financial News

  • I Needed to Repay Part of My Compensation; Will I Get a Refund on My Taxes?

    Posted Date May 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readSo, you filed and paid all your taxes on the money you earned in 2021. Now, the company you work for finds itself in trouble, and you are forced to pay back part of your compensation. The big question is, will the IRS refund you for the taxes you already paid related to this compensation? While this seems like a bizarre scenario at first glance, it is more common than you might think. Reducing or holding back compensation that hasn’t been earned yet is easy. Simply pay an executive or employee less, or don’t grant the... View Article

  • How Volunteering Can Earn You a Big Tax Deduction

    Posted Date April 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readMost people volunteer out of a sense of altruism, duty or purpose – not to get a tax deduction from Uncle Sam. At the same time, if your good deeds could also result in lower taxes, why not? Theoretically, this would free up more time to volunteer or let you make a charitable donation, a win-win for you and the cause you care about. What Volunteering Expenses Can You Deduct? As with all tax rules and regulations, the devil is in the details. If you itemize your tax deductions, you might be eligible for some valuable... View Article

  • Sold Your Home Last Year or Plan to in 2023? If So, Here’s What You Need to Know

    Posted Date March 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readThe U.S. housing market has been extremely volatile over the past year. Year-over-year growth rates were at highs of 20.1 percent in April 2022, then declined to only 8.6 percent in November – the biggest drop in over 20 years. As a result, many homeowners who sold their homes in 2022 or plan to in 2023 may have either gains or losses depending on their location and timing. Below, we tackle the issues you need to know to properly account for the taxation of your home sale. Only Some Gains Are Taxable Not all gains on... View Article

  • Key Deadlines and Changes for the 2023 Tax Season

    Posted Date February 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readEvery year, typically right after the new year starts, the IRS formally announces key dates and deadlines for the current tax season. Recently, the IRS made the announcements for the current 2023 tax season. To make sure the process goes as smoothly as possible, it’s best if you are aware of this tax season’s deadlines and key dates so you don’t miss a beat in working with your CPA. Tax Season in Perspective More than 168 million individual tax returns are expected to be submitted to the IRS in 2023, covering the 2022 tax year. The... View Article

  • The IRS Versus the Taxpayer

    Posted Date January 1, 2023 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min read According to the IRS, ignorance of tax rules and regulations is no excuse. Therefore, it’s essential to use an experienced tax preparer to assist in filing your taxes. The tax code is complex and only gets more complicated as time goes on, making it almost impossible to ensure they are filing correctly without the help of a CPA, EA, or Tax Professional. Moreover, the penalty for making what could be deemed an innocent mistake can cost a taxpayer a significant sum. What is worse yet is that defending yourself against the IRS is a costly endeavor in... View Article

  • The 2022 Tax Guide

    Posted Date December 1, 2022 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readNow is the time of year to do everything you can to minimize taxes and maximize your financial health with proper year-end planning. In this article, we’ll look at several actions to consider taking before the end of 2022. Thoughtfully Harvest Losses and Gains Before Year-End Tax loss harvesting by selling securities at a loss to offset capital gains is a classic year-end planning strategy. Just make sure not to violate the wash sale rules. This means you can’t buy back the same security or a substantially identical one within 30 days of the sale. Reinvest... View Article

  • Tax Planning Guide for Disaster Area Victims

    Posted Date November 1, 2022 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readThe recent hurricane Ian impacted much of the southeast United States. As a result, it is good to know the general tax rules related to disaster victims. Below, we look at several tax topics for disaster area victims. 1. Tax Returns and Filings Q: I am a disaster area victim and needed to move from my home. I might not be back for a long time or even at all. Which address should I use on my tax return? A: A taxpayer should always use their current address in filing a tax return. In the situation... View Article

  • How to Increase After-Tax Returns on Investments

    Posted Date October 1, 2022 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIt is all about how much you keep after taxes – not what you earn from your job, a business, or investments. While it is always great to see fabulous investment gains, the only financial metric that really matters is what is in your bank account at the end of the day. One of the ways you can influence this is by minimizing the taxes you pay on your investments. Unfortunately, many people do not think about how taxes impact their investment returns until near the end of the year; however, you should act all year... View Article

  • Electric Vehicle Tax Credits and the Future of the Automotive Industry

    Posted Date September 1, 2022 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readOne highlight of the recently passed Inflation Reduction Act of 2022 (IRA; HR 5376) includes modifications to what is more commonly referred to as EV credits. Specifically, Section 30D of the Act is where the most important modifications are, and where the present tax credit for electric vehicles is spelled out in the U.S. Code. There is also new stimulus for previously owned electric vehicles, industrial vehicles and “alternative fuel refueling property.” According to the Joint Committee on Taxation’s estimates, in lieu of what was previously known as the credit for plug-in electric vehicles, there is... View Article

  • Expanding the Net Investment Income Tax

    Posted Date August 1, 2022 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readDespite borrowing massive amounts of money, the government still needs to find ways to raise revenue to pay for new programs and spending. The current democratically controlled Congress is looking to potentially implement new social programs and a climate bill. As a way of funding these initiatives, they are considering an expansion of the Net Investment Income Tax (NIIT). The NIIT is proposed to raise revenue since it is seen as politically more palatable, given that it typically only impacts a small group of wealthier taxpayers. Critics, however, say the plan in its current form would... View Article

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