25-36 of 117 results
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Triple Tax: aka The Lottery
Now that the dust has settled on the big lottery winnings, it is worthwhile to see how the tax math works. Seen in the light of day, it is a great way for federal and state governments to triple tax… -
Should You Expense or Depreciate Your Capital Asset?
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code: Section 179 The annual amount of qualified assets that may be… -
Contemporaneous Records: Understanding Tax Terms
One of the more uncommon words used by the IRS is the term “contemporaneous.” So what does it mean and why should you care? If you have problems getting to sleep at night and you turn to the IRS tax… -
Student Loan Forgiveness Q&A
Questions and answers about what is known so far about the student loan forgiveness program. While there may be legal and Congressional challenges around the recent presidential executive order, here are some questions and answers about what is known so… -
IRS Audit Rates
The IRS reported audit rates continue to be low…very low. But that is now changing with thousands of auditors being hired for a post-pandemic scale-up of their reviews. So don’t get complacent. A closer look at the IRS data release… -
The New $7,500 Tax Credit That Isn’t
A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase electric vehicles or other clean burning fuel vehicles. The bottom line, however, is that practically speaking YOU CAN’T GET IT. Why few credits… -
Tax Preparer Red Flags
Tax returns. Let’s be honest, most people cringe at the thought of dealing with them. There can be a lot of emotions when filing your taxes…frustration, anger, and anxiety. These reactions can come when gathering all the necessary documents, worrying… -
New Electric Vehicle and Other Energy Credits
Tax incentives for purchasing clean (electric) vehicles and installing high efficiency home improvements are some of the featured provisions in the recently-passed Inflation Reduction Act (IRA). Here’s a closer look at some of the bill’s tax provisions regarding the new… -
Effective and Marginal Tax: Know Yours!
Marginal Tax Rates and Effective Tax Rates: Understanding the difference between these two tax rates. The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax… -
Student Loan Forgiveness Plan: Tax Consequences and California’s Response
The Biden administration recently announced their plan for student loan forgiveness. In short, this plan states that those with student loans may be eligible to receive forgiveness up to $20 thousand, depending on the type of loan you received. You… -
401(k) VS Roth IRA
Saving for retirement is important, since the average American spends 20 years in retirement. Experts estimate that you will need about 70 percent of your pre-retirement income to maintain your standard of living when you stop working, unless you want…
