Kinds: Articles

Should You File for an Extension on Your 2022 Tax Return?

In addition to giving the IRS extra time to work the “bugs” out of the current tax code, filing for an extension can give you extra breathing room. This can come in handy if, for example, you haven’t received all the paperwork (including W-2s, 1099s and K-1s) or finished all the necessary transactions to complete…

Read more ›

Top 3 Federal Tax Law Changes that Could Affect Your Business Return

Every tax season, business owners must familiarize themselves with federal tax law changes that went into effect for that tax year. Fortunately, businesses don’t have to contend with sweeping changes for 2022. But there are three major ones that could affect business taxpayers as they file 2022 federal income tax returns. 1. Reduced Cap on…

Read more ›

Update on Deducting Business Meal and Entertainment Expenses

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you’re confused about what rules currently apply, you’re not alone. Here’s a refresher on what’s currently deductible — and what’s not. TCJA Impact Before the Tax Cuts and Jobs Act (TCJA) went into effect,…

Read more ›

Understanding Cost Basis – A Primer for Investors

If you’re thinking about selling stocks, mutual funds or other investments, you need to first gain an understanding of cost basis rules and their implications for your tax bill. Learning the rules may help you significantly reduce the amount of capital gains that will be subject to taxation as a result of the sale. Why…

Read more ›

Your 2022 Tax Bill May be Higher

Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are not as favorable to many individual taxpayers. That means that you may owe more than you have in recent years. Here are some tax breaks subject to significant changes in 2022. Child Tax…

Read more ›

The ABCs of the Dependent Care Credit

Do you pay someone to watch your young child or another qualifying dependent while you’re at work? If so, you may be entitled to claim the dependent care credit on your 2022 return, but you must file by April 18. Recent enhancements provided under the American Rescue Plan Act (ARPA) expired at the end of…

Read more ›

How to Claim Casualty Loss Deductions and Avoid Pitfalls

Every year, the United States experiences disasters, ranging from hurricanes and earthquakes to wildfires and electrical grid failure. If you’re unlucky enough to suffer a disaster-related loss, you’ll need to understand the federal income tax rules to determine whether you’re eligible for a casualty loss deduction. Personal Casualty Loss Deduction Basics You can potentially claim…

Read more ›

501(c)(4) vs. 501(c)(3) – Which Do I Choose?

It is important to understand the differences between nonprofit classifications when deciding between forming a 501(c)(3) or 501(c)(4) organization. The distinction between underlying exempt purpose, restrictions on lobbying and political activities, and anticipated donor composition should be considered, among other non-tax considerations.

5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law

The long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) has finally passed. Here are five taxpayer friendly changes.

Tax Treatment of Debt Forgiveness: Watch Out for Tax Bills Delivered COD

Debt forgiveness is a relief, however; a debtor may still owe taxes on “cancellation of debt” (COD) income. Read on to learn the tax rules for COD income and how they might affect your tax situation.