credits Archives

Understanding the $7,500 federal tax credit for buying an electric vehicle

Sep 19, 2024 | Individuals

Interested in buying a plug-in electric vehicle? You may be eligible for a valuable federal tax credit. Here are the rules.

Update on IRS efforts to combat questionable ERC claims

Feb 1, 2024 | Small Business

Aggressive marketing encouraging businesses to claim the pandemic-related Employee Retention Credit led to many taxpayers erroneously receiving refunds. The IRS has a program that allows them to come forward and repay part of the money before collection efforts begin.

Pocket a tax break for making energy-efficient home improvements

Sep 21, 2023 | Individuals

Making energy efficient home improvements may allow you a beneficial tax break.

Can your business benefit from the Employee Retention Credit?

Jan 25, 2021 | Small Business

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Credit (ERC), which was extended and enhanced in the latest law. Background on...

Do your employees receive tips? You may be eligible for a tax credit

Feb 24, 2020 | Small Business

Are you an employer who owns a business where tipping is customary for providing food and beverages? You may qualify for a tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. How the credit works The FICA...

Adopting a child? Bring home tax savings with your bundle of joy

Feb 17, 2020 | Individuals

If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption...

401(k) plan highlights of the SECURE Act

Jan 20, 2020 | Small Business

Late last year, Congress passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Among its most notable rule changes are those pertaining to 401(k) plans. Here are some key highlights. New tax credit...

New tax law provides a variety of small business tax breaks

Jan 6, 2020 | Small Business

While you were celebrating the holidays, you may not have noticed that Congress passed a tax law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20,...

A review of significant TCJA provisions impacting individuals

Jan 14, 2019 | Individuals

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a...

Tax Cuts and Jobs Act: Key provisions affecting individuals

Jan 2, 2018 | Individuals

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is a brief overview of some of the...

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