Recent Articles
The 2022 Inflation Reduction Act’s Key Tax Provisions
The Act also includes considerable tax revisions, however a stiffer international tax framework and a contentious “millionaire’s tax” are conspicuously absent from the final law. President Biden’s promise that none of the IRS funds will result in tax increases for...
Five Higher Education Tax Breaks
It is expensive to send your children to school, but the tax legislation provides some tax assistance. Here’s a look at five tax benefits for higher education. 1. American Opportunity Tax Credit: The maximum American Opportunity Tax Credit (AOTC) of...
The Inflation Reduction Act might expand and broaden energy tax incentives.
Your clients may benefit from deductions under the expanded 179D deductions if they are REITs, trial properties, or non-profits. The Inflation Reduction Act (IRA) of 2022 is a $737 billion initiative to combat inflation while also investing in manufacturing, reducing...
The Inflation Reduction Act increases the R&D Tax Credit for Startups by doubling it.
CPAs who work with startups that perform research should be prepared to discuss this tax benefit with their clients, as the legislation could change. The Inflation Reduction Act of 2022 was passed by Congress, and it included a provision to...
Tax Tips For Your Crypto
For tax preparers attempting to take into account all the variables, crypto volatility can be a pain. However, cryptocurrency owners can make their accountants’ lives easier by adopting a few best practices. Maintain meticulous records of all your transactions. You...
Will You Have to Pay Taxes on the Canceled Debt If Your Student Loans Were Forgiven?
The White House just offered sweeping student loan forgiveness for millions of borrowers. Here’s what that implies when it comes to taxes. President Biden unveiled various student loan relief initiatives, including federal loan forgiveness ranging from $10,000 to $20,000 per...