With the escalating cost of health care, many people are looking for a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account … [Read more...]
Your Home is a Bundle of Tax Benefits
September 21, 2023 by Mitchell Erickson
There are many tax benefits built into home ownership. Here is a review of the most common. Your house is a great place to control the amount of tax you … [Read more...]
IRS suspends processing of ERTC claims
September 21, 2023 by Annette Benson
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end … [Read more...]
Update on depreciating business assets
September 21, 2023 by Brett Aamot
The Tax Cuts and Jobs Act liberalized the rules for depreciating business assets. However, the amounts change every year due to inflation adjustments. And due … [Read more...]
Plan now for year-end gifts with the gift tax annual exclusion
September 21, 2023 by Larry Stulen
Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly … [Read more...]
IRS orders immediate stop to new Employee Retention Credit processing
September 15, 2023 by Annette Benson
Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at … [Read more...]
Retirement account catch-up contributions can add up
August 28, 2023 by Larry Stulen
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here … [Read more...]
Moving Mom or Dad into a nursing home? 5 potential tax implications
August 28, 2023 by Stacey Seviola
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. … [Read more...]
Pocket a tax break for making energy-efficient home improvements
August 28, 2023 by Thomas Stoeckman
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think … [Read more...]
Receive more than $10,000 in cash at your business? Here’s what you must do
August 28, 2023 by Jim Rudnick
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on … [Read more...]
