The Inflation Reduction Act (IRA) signed by President Biden in August 2022 includes a variety of tax provisions that will impact U.S. businesses and individuals. While some of the changes have received a great deal of media attention, others may come as a surprise to those who have not been following the legislative process closely.Read more about Overview of the Inflation Reduction Act[…]

Buying a home a is a big step for many people, but lots of times it comes with a big learning curve. If you’re a homeowner, you should familiarize yourself with the deductions, housing allowances, and other programs that that are available to people who own their own home. When it comes to home ownership,Read more about Know What’s Deductible After Buying a Home[…]

School is back in session in most areas, and students and teachers are again returning to the classroom. It’s unfortunate, but many teachers find themselves having to pay for necessary classroom supplies our of their own pocket. The educator expense deduction allows these eligible teachers and administrators to deduct part of the cost of technology,Read more about Tax Deductions for Educators[…]

As a business owner, you might pay an independent contractor and an employee for similar – or even the same – work, but there are key legal differences between the two. If you hire workers, it’s critical that you correctly determine whether these workers are employees or independent contractors. Here’s some information to help youRead more about Is Your Worker a Contractor or an Employee?[…]

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for you to make investments that can provide financial security for you and your family once you retire. These accounts can be with a bank or other financial institution, a life insurance company, mutualRead more about IRAs Are One Tool in the Retirement Toolbox[…]

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is that if you travel for business, you may be able off-set some of those costs by claiming business travel deductions when you file your taxes. Here’s what you needRead more about A Primer on Business Related Travel Deductions[…]

The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate forRead more about Increased Mileage Rate for Remainder of 2022[…]

A lot of young people find themselves going into business each summer. Jobs like babysitting, lawn mowing, and dog walking teach responsibility and the value of hard work. But they also might come with an unexpected tax bill, because – whether they realize it or not – many of these young entrepreneurs are self-employed, andRead more about Kids, Summer Jobs, and Taxes[…]

It’s that time of year again. Summertime! The time of year when we all enjoy warm weather, vacation, and reviewing our federal tax witholding. Well, maybe we don’t all enjoy reviewing our federal tax witholding, but it’s definitely something that we all should do each year. And summertime is a good time to do it.Read more about It’s Time to Review Your Federal Withholding[…]

Now that Memorial Day has passed, many people are thinking more about summer vacations than taxes. But summer is a great time to review withholding and see if your summer plans will affect next year’s tax return. Here are some common summertime tax situations and tips to help you figure out if they apply toRead more about Summertime Tax Planning Tips[…]