Courtesy of the Wall Street Journal, the following is a detailed explanation of the new rules for electric vehicle tax credits that became effective this August when President Biden signed the Inflation Reduction Act into law: What are [...]
Congress expanded the child tax credit earlier this year, and the IRS will on July 15 make its first batch of monthly payments to about 39 million families with children. Tens of millions of households will receive [...]
The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for [...]
U.S. tax law provides a valuable benefit — in the form of a nonrefundable tax credit — for businesses that engage in qualified research and development activities (see a list below). The Sec. 41 credit, which amounts [...]
Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their [...]
While similar to FSAs (Flexible Savings Plans) in that both allow pretax contributions, Health Savings Accounts or HSAs offer taxpayers several additional tax benefits such as contributions that roll over from year to year (i.e., no "use [...]
Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's [...]
As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2019. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. [...]
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies [...]
Thanks to the passage of the Tax Cuts and Jobs Act last year, there's a new tax benefit for employers: the employer credit for paid family and medical leave. As the name implies, employers may claim the [...]
