Section 179D Energy Efficient Tax Credits Increased Under The Inflation Reduction Act of 2022

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...]

Avoid Credit Score Mistakes With Help From a CPA

Do you know what your credit score is? Do you know what other people see when they check your credit score? If you’re not sure, it’s probably a good idea to personally check your own score. Everyone is eligible to one free credit report each year from each of the three major credit reporting … [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...]

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...]