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.
Individual Tax Prep Checklist
We’ve put together a checklist of everything you may need to make this year’s taxes fast and easy.
New Energy Credits for Individuals Under the Inflation Reduction Act
On August 16, 2022, the Inflation Reduction Act was signed into law. The new bill contains climate change measures and tax incentives to encourage Americans to reduce their carbon footprint. Depending on the purchase and purchase amount, it may qualify for up to $10,000 or more tax breaks and rebates.
Student Loan Forgiveness: How the New Measures Impact Individuals with Student Loans
On August 24, 2022, the Biden Administration and the U.S. Department of Education announced the student debt reform plan with student loan forgiveness measures. The plan has already been enacted, and borrowers could see forgiveness measures beginning in early October 2022.
The Student Debt Relief Plan: A Breakdown of the Coming Changes for Americans with Federal Student Loans
On August 24, 2022, the Biden Administration and the U.S. Department of Education announced the Student Debt Relief Plan. This is a multi-part plan to help Americans with federal student loans. The new plan includes some student loan forgiveness options and adjustments to current repayment measures.
Social Security Benefits for 2023: Why Americans Could See an 8% Increase
As the cost of living continues to rise, the Social Security Administration conducted its annual analysis and reported that we could see up to an 8% increase in SSA benefits for 2023.
Working Remotely From “Out of State” Can Be Taxing
During the COVID-19 pandemic, it’s been fairly common for people to work remotely from another state — across state lines from the employer’s place of business or even across the nation. Employees that fit that situation may need to file tax returns in both states, potentially triggering additional state taxes.
5 tax planning tips for retirees
There’s a common misconception that, after retirement, tax bills shrink, tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may even push them into a higher tax bracket. This article provides five tax-planning tips for retirees.
Rental real estate: Determining if a property is a business or an investment
If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Sec. 199A deduction for certain sole proprietors and pass-through entity owners. This article provides a brief overview of the deduction and rental real estate guidance related to it. A sidebar spotlights the IRS definition of “real estate professional” as it relates to this tax matter.
Oops, you overfunded your 529 plan
If money is held too long in a Section 529 college savings plan, there could be tax consequences. This article describes alternatives for savers who have overfunded their accounts.
Are you liable for “nanny taxes”?
When employing household workers — which may also include housekeepers, cooks, gardeners, health care workers and other employees — it’s important to understand the tax obligations, commonly referred to as “nanny taxes.” This article provides a quick review.
A Breakdown of The American Families Plan Tax Compliance Agenda
Biden’s campaign tax plan might be coming to fruition. Here’s what you need to know about the U.S. Treasury Department’s new tax compliance report released on May 20, 2021.
What the U.S. Treasury’s Cryptocurrency Reporting Requirement Announcement Means
After the U.S. Treasury Department’s cryptocurrency regulation announcement on May 20, 2021, there’s been a lot of buzz about cryptocurrency. Here’s what you need to know about cryptocurrencies, where they came from, what the new regulations are, and what these new regulations mean for the future.
Great American Rescue Plan Signed into Law
News broke on March 11, 2021, that Biden’s American Rescue Plan Act of 2021 had been signed into law, sending $1.9 trillion in Coronavirus relief to individual Americans and small businesses. Here’s what you need to know about the new bill and how it will affect you and your business.
5 tips for safe intrafamily loans
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences. This article presents five simple steps that would-be lenders should consider before making such an arrangement.
Rolling over capital gains into a qualified opportunity fund
Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow—though it ties up the funds long term—is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits.
How to avoid tax scams
Scam artists seem to come out of the woodwork when there’s money involved—and taxes are no exception. Fortunately, by becoming familiar with common tax scams and understanding what the IRS will and won’t do, it’s easy to avoid them. This article explores several tax frauds and explains how taxpayers should act if they feel they’ve been the target of one.
Is a Roth IRA conversion right for you this year?
The COVID-19 pandemic has been causing havoc in the global markets and the U.S. economy. In these uncertain times, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long term. This article discusses what to consider when determining whether a Roth IRA conversion makes financial sense.
8 Tips for Filing an Amended Tax Return
You filed your taxes, but there is a mistake or perhaps a missed opportunity. What now? It’s time to file an amended tax return. Here are some key rules and other items to keep in mind.
