On August 16th, 2022 the United States signed one of the largest climate packages in U.S. history into law. The Inflation Reduction Act is designed to have a significant impact on the environment, healthcare, the economy, and taxes. With all the heft and array of topics within the new law,… Read More »The Impact of the Inflation Reduction Act on You
One of the most common questions we receive relates to how business owners can legally reduce the amount of tax they owe. The list below summarizes some of the most common tax strategies that business owners can take advantage of. Defer Income (applicable for cash basis of accounting businesses) Delay… Read More »Tax Strategies to Save Money for Business Owners
Determining if you have a child or dependent sounds like a simple task. However, for tax purposes, there are a number of conditions that need to be met. See below for additional information regarding the IRS qualified child and dependent requirements along with associated tax credits and filing thresholds. Basic… Read More »Who Qualifies as a Child or Dependent?
For a small business or startup, hiring independent contractors is appealing. Your business may need certain projects or services completed, however you don’t need a full time employee. Contractors are also a cost effective approach to labor. The business isn’t responsible for payroll taxes, employee benefits, office space, and other… Read More »Know the Tax Impact of Working with Contractors
Each year you may find yourself cleaning out clothes buried in the closet or old furniture from your basement. If you choose to donate these to a qualified organization (including Goodwill or Salvation Army), you may be able to deduct the value of donated household items on your tax return.… Read More »How to Claim Noncash Donations On Your Tax Return