Inflation Reduction Act of 2022
Many of you may be wondering how the new tax laws will impact you. Below is an article with some information on the updates and changes that could impact...
Many of you may be wondering how the new tax laws will impact you. Below is an article with some information on the updates and changes that could impact...
Unfortunately, it seems as though small business owners never have enough time on their hands. As a result, tax planning is something that gets put on the back burner and sometimes never completed. However, tax planning quite often is an item that pays dividends down the road. Overall tax planning...
The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than $10,000 can be deducted in state and local tax (SALT) payments on a single or joint tax return. As a result, most people will take...
Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax.) However, as of 2018, the Tax...
For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages. In brief, 529 plans are funded with aftertax dollars. In college savings plans, account owners choose from...