The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted in 2019. It changed many rules around retirement savings. In 2022, a second version, the Secure Act 2.0, was enacted, further strengthening retirement options for taxpayers. What is the Secure Act 2.0? The primary purpose of this law was to address the issue […]
Cost segregation can help you reap huge tax savings, and it’s an excellent defense against an IRS inquiry. But, how does it work? What is Cost Segregation? When you purchase real estate, you need to split the purchase price between the building and the land. A cost segregation analysis helps you determine the proper allocation […]
Although people have been sharing since the beginning of time, the sharing economy is still in its infancy. With ever-changing regulations and tax laws, it can take a lot of work to keep up with it all. However, the IRS will be receiving over $50 billion in additional funding over the next ten years. So, […]
If you’re thinking about wading into homeownership or are considering refinancing this year, it’s important to know how the mortgage interest deduction will affect you. The IRS limits the amount of mortgage interest that homeowners can deduct. We’ll take a look at the mortgage interest deduction limits for 2023, how mortgage interest affects your deductions, […]
Every year, the IRS tweaks certain deductions to account for inflation. IRS inflation adjustments affect many parts of your taxes, including income tax brackets, standard deductions, and several other tax credits and deductions. The changes discussed in this article will apply for tax year 2023, so you can expect to see these adjusted totals starting […]
The Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions were immediately enacted, while others will be phased out over the next few years. The question on everyone’s mind is, “what’s up with the Inflation Reduction Act IRS Funding?” The short answer […]
Health Savings Account (HSA) often emerges as a rare opportunity for tax planning. An HSA provides a way to save for medical expenses and offers unique tax benefits that can significantly enhance your overall financial health. In this article, we’ll delve into the nuances of HSA taxes, providing essential tax tips that will help you […]
Financial statements are at the heart of every business. They enable you to keep track of your expenses and make decisions about your business’s future. But having accurate books starts with having good data to work with, which is why bookkeeping is an essential function for any business. Allow us to show you the best monthly […]
Tax extensions are a controversial subject, and there’s lots of bad information swirling around the internet. Truthfully, six-month extensions have become commonplace among businesses and individual tax payers, and there are virtually no downsides associated with filing one. In fact, filing a tax extensions can provide several valuable benefits, and we’re going to cover some […]
The average cost for an in-town move is about $2,000, while moving across the country can approach $30,000. Because moving is often related to a new job, many people wonder if these considerable expenses are deductible. First, we’ll take a look at the current and previous rules regarding how to deduct moving expenses. Can I […]