Category Archives: Tax Tips

Things to know about the IRS Expansion of the Electric Vehicle Tax Credit

electric vehicle credit, tesla

If you’re in the market for an electric vehicle and you’ve kept your eye on the ball, you’ll have noticed the recently passed Inflation Reduction Act of 2022 includes changes to the credit available for the purchase of an electric vehicle. These changes are quite complex, phasing in over time, but there are some benefits […]

IRS interest rates increase for the third quarter of 2022

interest rates

On May 20, 2022 the Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The revised rates are as follows:  5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. 5% for underpayments. 7% for large corporate […]

Should You Be Withholding Taxes for your Nanny or Babysitter?

withholding tax for nanny

Many people have taken on a nanny or babysitter to help with childcare.  If you have a nanny, you may have more than a casual contractor engagement, you may have a household employee and you have become an employer.  Employers of household employees must obtain an employer identification number, pay Social Security, Medicare, and unemployment […]

IIAJ Retroactively Terminates Employee Retention Tax Credits

employee retention credit act

The Infrastructure Investment and Jobs Act (IIAJ) (to be signed by President Biden on November 15, 2021), retroactively ended the Employer Retention Tax Credit (ERTC) to apply only through September 30, 2021 (rather than through December 31, 2021), unless the employer is a recovery startup business. As a result of retroactive termination of the ERTC, […]

How-To Plan Now to Make Filing Your Taxes Easier in 2022

tax support

This tax year will be another complex year as many taxpayers received stimulus payments or advance Child Tax Credit payments and will need to take steps now to make filing their tax returns easier in 2022. Planning will help ensure you are able to file an accurate return and avoid any delays with the IRS […]

Advance Child Tax Credit: Should You Opt-Out?

advanced child tax credit

The American Rescue Plan Act (ARPA) included a provision that allows for the IRS to begin making advanced payments of the Child Tax Credit next month. This credit, up to $3,600 per child under the age of 6 and $3,000 per children ages 6 to 17, is typically received as a credit applied against your […]

“Last-Minute” 2020 Year-End Tax-Saving Moves for Individuals

tax prep

There are only a few days left before the year ends, but here are some actions you can take before the new year to improve your situation for 2020 and beyond. Consider President-elect Biden’s proposals. As the year comes to an end, it is hard to predict what, if anything, that the Biden Administration has […]

5 key points about bonus depreciation

bonus depriciation

You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus depreciation is scheduled to phase out Under current law, 100% bonus depreciation will be phased out in […]

CARES Act Part 2 – Individual Provisions

cares act

On Friday, the President signed into law the CARES Act. This legislation contained very significant tax law changes, the majority of which are temporary and will only be relevant for the 2020 calendar year. We’ve spent the last five days digging through this 880 page legislation to highlight the most relevant changes for you.  Below […]