If you are thinking about making energy improvements to your home, it is important to know the changes that happened as a result of the Inflation Reduction Act of 2022. The energy-efficient credit was limited to a lifetime maximum, however, now you can take this credit yearly. If you purchased or installed energy systems beginning in 2023, you could qualify for a credit of up to 30% on qualifying energy expenses. Now is a great time to make energy improvements if they have been on your mind. Energy.gov and the IRS has a detailed breakdown of equipment types and the tax credit that is available.
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Energy Efficient Tax Credit
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IRS Inflation Changes
The IRS adjusts tax brackets every year. This is an effort to stop “bracket creep” which is when inflation pushes taxpayers into a higher income tax bracket even though they didn’t get a real increase in spending power.
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Season’s Greetings from Findon & Associates, CPA’s & Advisors
Happy Holidays from Findon & Associates, CPA’s & Advisors. Wishing you a joyous and safe holiday season, and a Happy New Year 2023!
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How This New Child Tax Credit Amendment Could Affect Your Finances
Filing taxes on time is essential to stay on the right side of the Internal Revenue Service (IRS). But, every now and then, amendments to the tax code can favorably or adversely affect your financial position depending on your unique situation. Therefore, it’s essential to work with a professional that stays on top of the latest tax laws and can help you move forward.
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Payroll Processing Services By Bruce T Hall CPA
As a small business owner, ensuring that every element of your business works efficiently is crucial. However, you don’t have to oversee everything yourself for your firm to run smoothly. This is especially true when it comes to administrative and accounting tasks. While these are essential elements of running a business, they can get perplexing. This is essentially the case with managing and maintaining payroll-related tasks. As a result, working with a payroll service provider can help you manage and streamline payroll-related tasks, meet regulations, and maintain employer compliance and save your business from fines and fees.
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Five Business Tax Breaks Available During COVID-19
Running a company during COVID-19 has been challenging for millions of entrepreneurs across the country. Consequently, the government has stepped in with a stimulus package to provide tax rebates and safeguard employment.
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Yes, the IRS is still sending tax refunds. Here's how to track yours and why there's a delay
Original Article Source Credits: CNET , https://www.cnet.com/
Article Written By: Katie Teague
Original Article Posted on: June 30, 2021
Link to Original Article: https://www.cnet.com/personal-finance/taxes/yes-the-irs-is-still-sending-tax-refunds-how-to-track-your-money-and-see-why-its-delayed/
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PPP loan forgiveness
Original Article Source Credits: U.S. Small Business Administration , https://www.sba.gov/
Article Written By: NA
Original Article Posted on: NA
Link to Original Article: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program/ppp-loan-forgiveness
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Advance Child Tax Credit Payments in 2021
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: 01-Jul-2021
Link to Original Article: https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
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IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: June 4, 2021
Link to Original Article: https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-paid-taxes-on-2020-unemployment-compensation
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IRS information letters about Economic Impact Payments and the Recovery Rebate Credit
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: April 2021
Link to Original Article: https://www.irs.gov/newsroom/irs-information-letters-about-economic-impact-payments-and-the-recovery-rebate-credit
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New law extends COVID tax credit for employers who keep workers on payroll
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: January 26, 2021
Link to Original Article: https://www.irs.gov/newsroom/new-law-extends-covid-tax-credit-for-employers-who-keep-workers-on-payroll
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Still no tax refund? Use the IRS tracking tools to check your refund status
Original Article Source Credits: C Net , https://www.cnet.com/
Article Written By: Katie Conner
Original Article Posted on: June 1, 2021
Link to Original Article: https://www.cnet.com/personal-finance/taxes/how-long-until-you-receive-your-tax-refund-use-irs-tools-to-track-your-money/
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Tax Proposals in the President’s Budget
President Biden’s administration recently unveiled its proposed budget for fiscal year 2022 that include an abundance of proposed tax changes affecting individuals and corporations. Some of the highlights are as follows:
- Increasing the top marginal income tax rate from the current 37% to 39.6% for taxpayers with taxable income over $509,300 (married) and $452,700 (single)
- Increasing the capital gains tax from 20% to 37% for taxpayers that have adjusted gross income over $1 million
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What someone should do if they missed the May 17 deadline to file and pay taxes
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: May 18, 2021
Link to Original Article: https://www.irs.gov/newsroom/what-someone-should-do-if-they-missed-the-may-17-deadline-to-file-and-pay-taxes
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Taxpayers should file their tax return on time even if they can’t pay their tax bill in full
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: 20-Apr-2021
Link to Original Article: https://www.irs.gov/newsroom/taxpayers-should-file-their-tax-return-on-time-even-if-they-cant-pay-their-tax-bill-in-full
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All the Taxes Your Business Must Pay
Original Article Source Credits: The Balance Small Business , https://www.thebalancesmb.com/
Article Written By: Jean Murray
Original Article Posted on: April 12, 2021
Link to Original Article: https://www.thebalancesmb.com/all-the-taxes-your-business-must-pay-399045
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14 Bookkeeping Basics for Small Business Owners
Original Article Source Credits: Indeed , https://www.indeed.com/
Article Written By: Indeed Editorial Team
Original Article Posted on: March 15, 2021
Link to Original Article: https://www.indeed.com/career-advice/career-development/bookkeeping-basics
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10 Mistakes To Avoid This Messy Tax Filing Season
Original Article Source Credits: Forbes , https://www.forbes.com/
Article Written By: David Rae
Original Article Posted on: Apr 20, 2021
Link to Original Article: https://www.forbes.com/sites/davidrae/2021/04/20/10-annoying-tax-mistakes-to-avoid-this-tax-season/?sh=4121fde078f7
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Tax Time Guide: IRS reminds taxpayers of recent changes to retirement plans
Original Article Source Credits: IRS , https://www.irs.gov/
Article Written By: NA
Original Article Posted on: March 16, 2021
Link to Original Article: https://www.irs.gov/newsroom/tax-time-guide-irs-reminds-taxpayers-of-recent-changes-to-retirement-plans