INSIGHTS
We See Things Differently
When we’re not addressing clients’ needs for business and financial advisory, assurance or tax matters, we’re researching, learning and thinking about related subjects. Check out some of our thinking on a broad variety of topics that may impact your organization. And if you’d like to learn more about any of these topics, we’re always happy to talk.
What You Need to Know About Filing a Tax Extension
Filing taxes can be stressful, and even well-prepared individuals may need more time. Opting for a tax extension can be a practical solution in these situations. Here is a brief overview of some important things you’ll want to know about before filing a tax extension.
Tax Credits vs Tax Deductions: What’s the Difference?
Two of the most common terms when doing taxes are “deductions” and “credits.” However, it can be challenging to differentiate between the two and how they influence your taxes. Here is a breakdown of the definitions of both terms and their key differences.
Overview of the Latest Cost of Living Updates for 2024
Each year, the IRS, Social Security Administration, and other federal agencies adjust policies to account for inflation. These adjustments are called Cost of Living Adjustments, or COLA. While more changes continue to be set in motion, here is a brief overview of the main cost of living adjustments for 2024 so far.
Claiming the Standard Deduction Vs. Itemized Deductions: What’s the Difference?
Standard deduction. Itemized deduction. Which one to take? It comes down to simple math. Here is a breakdown of the differences between the standard deduction vs. itemized deductions and what they mean for taxpayers.
Latest IRS Updates to the 1099-K Reporting Threshold for Businesses
The IRS recently announced several significant changes to the 1099-K reporting threshold for the 2023 and 2024 tax years. Here is a breakdown of the latest updates to the 1099-K reporting threshold and what they mean for businesses.
Extended & Increased: A Breakdown of the Latest Changes to Solar Energy Tax Credits
The federal solar energy credit is a tax credit that can be claimed on federal income taxes for both individuals and corporations. The credit was recently extended and increased starting FY2023. Here is a breakdown of the latest changes.
What are the 2024 Tax Deadlines for Businesses?
Here are the 2023 tax deadlines for businesses you need to be aware of.
What are the 2024 Individual Income Tax Deadlines
While the official deadline to file your federal income tax return isn’t until April 15, 2024, there are a few key dates you should be aware of to avoid penalties and ensure a smooth tax filing process.
Updates to the Standard Deduction for 2024
The IRS recently announced several important inflation-related updates for the 2024 tax year that will be applied to returns filed in 2025. Among those changes was an increase to the standard deduction. Here is a breakdown of the new standard deduction amounts for 2024.
An Overview of IRS’ Changes to the FY2024 Tax Brackets
On November 9, 2023, the IRS announced its annual inflation adjustments for the upcoming FY2024 tax year. Among the changes were several adjustments to the different income tax brackets.
Is Tax Planning Worth It?
Tax Planning is an expense. How do you know if that expense is worth it for you? Check out our breakdown to see if it's right for you.
How Do I Start Tax Planning?
Tax planning is an excellent way to optimize your taxes. However, it is a complex process with moving pieces that keep changing. Here’s an overview of how to get started with tax planning.
The 5-Step Year-End Planning Checklist for Businesses
Year-end planning is more than just closing your books. It’s your opportunity to learn from the previous year and set your business on the right track to achieve your goals for the upcoming year. Here is a checklist of things you should start now and complete before the end of this year to close this year out right and help your business plan for the upcoming year.
TCJA Tax Benefits Phasing Out: What You Need to Know
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, the law made significant changes to the U.S. tax code, but those changes were always meant to be temporary. While some of those provisions have already expired, others will continue to phase out until 2027. Here are the notable tax benefits that are expiring soon.
Two New Bills Propose Tax Changes
The House and Senate announced two proposed bills earlier this summer. The bills include tax changes to revive the child tax credit and increase the standard deduction.
TJCA Bonus Depreciation Has Started Phasing Out
When the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, it included many beneficial tax provisions for businesses. One of the most notable was an increase in the bonus depreciation allowance from 50% to 100%. However, the bonus depreciation allowance is scheduled to phase out over a period of four years, beginning in 2023.
Which Car Purchase Can I Get a Tax Break For?
The Inflation Reduction Act of 2023 introduced a variety of clean energy credits. However, these Clean Vehicle Tax Benefits do not apply to all vehicles or all EV or Hybrid vehicles.
Why 2022 Tax Refunds are Smaller
Americans have been surprised to find that their 2022 tax refunds are smaller than in the past two years. The main reason for the difference in refund sizes is the expiration and reduction of several tax credits. Here are some expired and rolled-back tax credits affecting 2022 tax refunds.
