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You Can Now Receive a Tax Credit for Buying a Used Electric Vehicle cover

You Can Now Receive a Tax Credit for Buying a Used Electric Vehicle

This is the first time used electric vehicles have qualified for a tax credit. This provides an incentive for taxpayers to acquire an electric vehicle.
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Roundup of Individual Tax Changes For 2023 cover

Roundup of Individual Tax Changes For 2023

Two recent pieces of tax legislation have created several tax changes for 2023. The legislation includes the Inflation Reduction Act and the Secure 2.0 Act.
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Protect the “Ordinary and Necessary” Advertising Expenses of Your Business cover

Protect the “Ordinary and Necessary” Advertising Expenses of Your Business

How does a business know if advertising and marketing expenses are deemed “ordinary and necessary” to qualify as deductible on their tax return?
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Important Considerations When Engaging in a Like-Kind Exchange cover

Important Considerations When Engaging in a Like-Kind Exchange

How can a business or individual dispose of appreciated real property without taxation on the gain? You can do this through a like-kind exchange.
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How Employee Stock Options Are Taxed cover

How Employee Stock Options Are Taxed

There are two basic types of employee stock options for tax purposes: a non-statutory option and a statutory option. Their tax treatment is very different.
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What You Need to Know About Converting an S Corp to a C Corp cover

What You Need to Know About Converting an S Corp to a C Corp

Converting from an S Corp to a C Corp is possible. However, it's a process that requires you to keep a few key things in mind along the way.
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Missed Filing Tax Returns for Multiple Years? cover

Missed Filing Tax Returns for Multiple Years?

Few people actually enjoy the process of filing tax returns. Having said that, you have no choice - you must do so like clockwork every single year
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Can’t Pay Your Taxes? Here Are Some Payment Options cover

Can’t Pay Your Taxes? Here Are Some Payment Options

There are those who for one reason or another end up owing on their taxes. Of those who owe, many can’t pay their taxes by the return due date (April 18).
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Home Energy Improvement Credit Is Enhanced cover

Home Energy Improvement Credit Is Enhanced

This tax benefit should have expired after 2021. However, a law change gave the home energy improvement credit renewed life and enhanced it beginning 2023.
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The Tax Filing Deadline Is Drawing Near cover

The Tax Filing Deadline Is Drawing Near

Filed your 2022 tax returns? April 18 is the tax-filing deadline. Make sure to file your return or file for an automatic extension by this date.
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S Corp Stockholders Must Take Reasonable Compensation cover

S Corp Stockholders Must Take Reasonable Compensation

S corporation compensation is often misunderstood and abused. If stockholders work in the business, they must take reasonable compensation as wages.
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Changes in Section 174 Mean You Should Review Your R&E Strategy cover

Changes in Section 174 Mean You Should Review Your R&E Strategy

Several provisions in the TCJA have expired or will expire in the next few years. Last year was the end of current deductibility for R&E expenses.
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Many Taxpayers Could See Smaller Tax Refunds This Year cover

Many Taxpayers Could See Smaller Tax Refunds This Year

COVID pandemic-related benefits have come to an end. These decreases in federal tax benefits will mean smaller 2022 tax refunds for taxpayers..
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Who Claims the Children’s Tax Benefits - You or Your Ex-Spouse? cover

Who Claims the Children’s Tax Benefits - You or Your Ex-Spouse?

Tax law has specific, complicated rules about who profits from child-related tax benefits. Children’s tax benefits are numerous. Read on for more info!
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Gig Work Can Have Tax Consequences You Never Considered cover

Gig Work Can Have Tax Consequences You Never Considered

Gig work brings a newfound sense of freedom but also a number of potential disadvantages. This will become especially apparent when it comes to tax season.
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Buying a New Business Vehicle? A Heavy SUV Is a Tax-Smart Choice cover

Buying a New Business Vehicle? A Heavy SUV Is a Tax-Smart Choice

Buying or replacing a vehicle that you’ll use in your business? A heavy SUV may provide a more generous tax break this year than a smaller vehicle.
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