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Blog Category: Tax

03/02/2023 |

Money received from a lawsuit or settlement may be tax-free, but only in specific cases

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical
02/22/2023 |

The Child Tax Credit and You; How to Claim Your Maximum Benefit in 2022

The Child Tax Credit (CTC) has experienced many changes over the last six years, but it is still very valuable for parents. For tax years 2022 and 2023, the CTC
02/13/2023 |

Tax Implications For Employees Who Receive Tips

Employees of some businesses receive tips as a part of their compensation. These businesses generally include restaurants, hotels, and salons. Definition of Tips Tips are optional payments paid by customers
01/31/2023 |

Possible ID theft? Be proactive and get an IP PIN

Obtaining an Identity Protection PIN (IP PIN) issued by the IRS is a proactive step that you can take to verify your identity when you file your tax return and
01/24/2023 | , ,

Employee Retention Credits – Not Everyone Qualifies

The Employee Retention Credit (ERC) is a refundable payroll tax credit for employers that kept workers employed during COVID-19 pandemic while suffering significant gross receipt declines or being suspended under
01/24/2023 |

Take Advantage of Tax Provisions Available for College Costs

To help pay for expenses, many parents and grandparents saved money in tax favored accounts, such as 529 plans.  Once your child or grandchild has been accepted and is attending,
01/13/2023 |

Renting to a relative: tax benefits may be tricky

In today’s housing market, it seems simple and straightforward to rent to a family member.  Many want to help a relative by charging low-to-no rent (i.e., bargain rent).  Despite your
01/03/2023 | , ,

Increased Standard Mileage Rate for 2023

Effective January 1, 2023, the IRS has issued its annual notice that updates the allowable 2023 standard mileage rates for business use of vehicles.  For 2023, the standard mileage rate
12/29/2022 |

How to get the maximum benefit out of your 401(k) plan

Investing money into a tax-advantaged retirement plan can benefit you by reducing taxes and saving more money for retirement. If your employer offers a 401(k) or Roth 401(k), contributing to
12/15/2022 | ,

How to qualify for the QBI deduction and year-end strategies to maximize this deduction

As a business owner, you may have heard others mention QBI, Section 199A, or the pass-through deduction. These are all common ways to refer to the qualified business income (QBI)
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