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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.
Optimizing Business Losses
While no one likes to lose money, the federal tax code helps soften the blow by allowing businesses to apply their losses to offset taxable income in future years, subject to certain limitations. Here’s what you need to know.
Four Tax Breaks for Home Improvements
Are you contemplating some significant improvements to your home? Whether it’s adding a pool to assist with a medical condition, finishing a basement, or installing energy-saving equipment, you may be in line for generous tax breaks under current law. We outline four potential options.
2023 Minimum Wage and Overtime Threshold Increases
In 2023, many states and localities will increase their minimum wage amounts. In some areas, the amounts paid to tipped employees may also increase and overtime salary thresholds may also change. The information below briefly details the changes that will kick in on New Year’s Day or later in 2023. For more information about your…
Are You Missing the Boat for a Roth IRA?
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. Making annual Roth contributions can have a big upside by allowing you to accumulate a federal-income-tax-free nest egg for retirement. This article offers some Roth IRA basics.
Double Your Tax Savings with Home Sale Gain Exclusion Plus Like-Kind Exchange
Although the residential real estate market has cooled off in many areas, the values in some locations are still at — or near — all-time highs. If you’ve owned your principal residence for a while, it may currently be worth a lot more than you originally paid for it. If you’re fortunate enough to be…
5 Ideas to Help Small Businesses Reduce Taxes for 2022
Every fall, small business owners should review their tax situations to consider how they might reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax law changes are expected this year. So, there’s more certainty regarding the tax rules today than this time last year. Here are five ideas to help reduce business taxes for 2022.
It’s a Journey: Not-for-Profit Finance and Accounting Software Selection
By Jim Norton, CPA, Principal, Accounting Technology Services This article was published in the Fall 2022 issue of Connecticut CPA. If your organization is still generating manual reports, printing paper checks, and/or collecting antiquated expense reports, it’s time to revisit your finance and accounting software. Not-for-profits and associations are experiencing the same pain points as…
2022 Year-End Tax Planning Tips for Individuals
Now is the time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. Read on for strategies on Standard Deductions, taxable investment accounts, donations,
prepaying expenses, and more.
2022 Year-End Tax Planning Series
The Year-End Tax Planning Series provides a roadmap for taxpayers navigating the many tax planning opportunities available this year. The content includes guidance for the various provisions enacted to help US taxpayers recover from recent economic hardships and other developments that may impact this year’s taxes. More resources will be added as they become available….