Skip to content

Blog Month: July 2022

The IRS is not kidding about the Kiddie Tax

In an attempt to accomplish the long-standing goal of saving money on their taxes, parents often try to transfer some of their income into their children’s names.  This process is

Why do some people buy an electric vehicle?

With recent high gas prices, purchases of electric vehicles (EVs) (if you can find one) have increased dramatically this year. However, while they’re still a small percentage of the cars

Employee Retention Credit Updates – IRS Processing Times & Strategies to Enhance Credit

Quick background – If you have not explored the Employee Retention Credit (ERC), you may qualify for a payroll tax credit that has resulted in significant refunds. ERC is available

New IRS Guidance says it’s not too Late to Elect Portability

Additional time to make a late portability (or DSUE) election has just been allowed by the IRS. What does this mean? Portability allows a surviving spouse to use a deceased

Understanding the Statement of Cash Flows

What is the statement of cash flows? The statement of cash flows is a financial statement that illustrates an entity’s sources (inflows) and uses (outflows) of cash and cash equivalents.

Disability Proceeds – Taxable or Tax-free? It depends!

If you are someone who recently began receiving disability income you may have asked yourself the question, how will this be taxed? To determine the answer to this question you