Synopsys: IRC Section 179D Energy Efficient Tax Credit Expansions Section 179D Updates The Inflation Reduction Act of 2022 substantially increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, which will benefit the architecture, engineering, … [Read more...]
Inflation Reduction Act of 2022: Tax Implications for Real Estate Investment Trusts (REIT), EV Incentives and 1031 Exchanges
Inflation Reduction Act of 2022: An Overview Article Summary Aim of the Inflation Reduction Act (IRA) Carried interest treatment Changes to Section 179D Incentives and Qualifications Increases to the R&D Tax Credit 15% minimum tax on large corporations (AMT) 1% excise tax on stock … [Read more...]
PayPal, Venmo And Most Payment Apps To Report Payments of $600 Or More To IRS In 2022
Payment processing apps such as PayPal and Venmo will now be required to report transactions of $600 or more to the IRS in 2022. Article Summary Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party payment network, such as PayPal, Venmo or … [Read more...]
Section 179 Tax Credit Calculator (and Deadline)
The Section 179 Credit can save SMBs a lot of money on equipment costs (the deduction is up to a robust $1,050,000). Passenger vehicles exceeding 6,000+ pounds GVW (gross vehicle weight) will usually qualify, but they are typically limited to a $25,000 deduction. Article Summary Section … [Read more...]
The Recovery Rebate Credit – Am I Eligible?
Taxpayers who did not receive the full amount to which they were entitled can claim it as a refundable credit when filing 2020 taxes in 2021 Article Summary -This article helps define what the Recovery Rebate Credit is, which taxpayers are eligible for the rebate and how to properly claim … [Read more...]
Investment Advisors Report a New Generation of Skeptics
Millennials have been scarred by the 2008 financial crisis, difficulty finding work out of college, and managing substantial student debt. Many also witnessed their parents struggle with job and financial security during this time as well. What’s the product of a generation that faces this … [Read more...]
Financial Advice for the Unemployed
One of the worst financial fears most Americans have is being laid off, and unfortunately this has become all too common. One out of five Americans were laid off in the last 5 years. Therefore it’s no wonder most working professionals fear losing their jobs and worry about having a contingency plan … [Read more...]
Make the Most Out of Your Tax Refund
A tax refund is not a bonus, but people often treat it that way. In reality, your tax refund is a reimbursement from the government for withholding too much of your income. The average federal tax refund this year will exceed $3,000. Before making a reservation at the nicest restaurant in town, … [Read more...]
These Mistakes Could Lead To An IRS Audit
Tax season is here once again. Keep these common mistakes and pitfalls in mind when filing your tax return to avoid a visit from the Internal Revenue Service. Accurate Income Reporting The income reported on Form W-2 and Form 1099 needs to match the income reported on your return. Inaccurate data … [Read more...]
Millennial Millionaires? A Financial Advisor Could Help You Join The Ranks.
Millennials, or young adults under the age of 35, may not feel they’re on a career trajectory toward becoming a millionaire. However, with careful planning and advising, many millenials can obtain this goal and set aside a comfy nest egg for adulthood and retirement. The key is … [Read more...]