Are you looking for ways to save for retirement? Did you know? The Health Savings Account (HSA) is the only tax-advantaged account that gives you both: a tax deduction for the money you put in, and tax-free withdrawals What is a Health Savings Account (HSA)? The HSA is a tax-advantaged medical savings account similar to […]
First off, let me just say it’s good to be back on these pages after a couple years away. I’ve written for this paper for a lot of years and one subject that has been a frequent topic over the years is the issue of FRAUD. Fraud, from long years of fighting a variety of […]
Yes! Potentially, in two different ways. Here’s how. Payments for Job-Related Education Your business can reimburse an employee for certain education expenses, and the reimbursements will be treated as tax-favored working condition fringe benefit payments. For the employee, that means the reimbursements are free of any federal income tax hit or federal employment tax hit. Nice! For […]
There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely: Real Estate Dealer Status Real Estate Developer Status Real Estate Professional Status Do you know which one are you? Real Estate Dealer Status: is defined as someone who is involved in […]
The qualified plug-in electric vehicle credit remains in place through December 31, 2022, but if you purchased a qualifying electric vehicle after August 16, 2022, it must have been assembled in North America. The credit maximum remains $7,500. A new clean vehicle tax credit takes effect in 2023. The maximum amount of the new credit […]
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the […]
Thinking about what happens after you die can be an uncomfortable thing to consider. Oftentimes it’s easy to put-off getting your estate plan done because you’re not planning on passing away anytime soon. However, it’s so important to have a plan in place for when the unexpected occurs so that your family won’t be left […]
