Has your business encountered and solved technological challenges in recent years? Maybe you invested in software development, re-engineered manufacturing processes, or performed laboratory testing. If so, your business may be eligible for the federal research and development (R&D) tax credit. This credit may be available to U.S. businesses that spent money to develop new products or improve the performance, functionality, reliability, or quality of existing products or trade processes — whether the work was done by employees or a third-party contractor.
Saturday, December 11, 2021
The supply chain is the network by which products flow from the factories of suppliers to the inventories of retailers so they can ultimately be purchased by consumers. Corporate supply chains have been under pressure since the pandemic began, but the stress intensified in the latter months of 2021, with demand for goods surging and the holiday season fast approaching.
Monday, November 22, 2021
The Internal Revenue Service has announced annual inflation adjustments for tax year 2022, meaning new tax-rate schedules and tax tables and cost-of-living adjustments for various tax breaks. Most numbers are up more than in recent years because of higher inflation. Note: These numbers, for the tax year beginning January 1, 2022, are what you’ll use to prepare your 2022 tax returns in 2023.
Read More at Forbes - 8 minute read
Monday, November 15, 2021
Your plan for drawing down retirement assets could be just as important as your approach to accumulating retirement savings. Experts recommend various methods, such as the so-called 4% rule — withdrawing 4% of your nest egg each year (with adjustments for inflation) — or a three-phase system dividing your assets into groups for short-term, mid-term, and long-term retirement needs.
Thursday, October 21, 2021
If you think your tax bill is chiseled in stone at the end of the year, think again. Though it’s true that most money-saving options to defer income or accelerate deductions become much more limited after December 31, there is still a lot you can do to make the tax-filing season cheaper and easier. Here are 10 tax tips for the new year to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties ...
Read more at TurboTax - 6 min. read
Thursday, October 7, 2021
Capital gains are the profits realized from the sale of capital assets such as stocks, bonds, and property. The capital gain tax is triggered only when an asset is sold, not while the asset is held by an investor. However, when a mutual fund sells shares of its holdings during the year, mutual fund investors could be charged capital gains. (A fund’s capital gains distribution is not taxable if the fund is held in a tax-deferred account.)
Social Security is a pay-as-you-go system, which means today’s workers are paying taxes for the benefits received by today’s retirees. However, demographic trends such as lower birth rates, higher retirement rates, and longer life spans are causing long-run fiscal challenges. There are simply not enough U.S. workers to support the growing number of beneficiaries. Social Security is not in danger of collapsing, but the clock is ticking on the program’s ability to pay full benefits.
Thursday, September 30, 2021
Computer and laptop hard drives that aren’t properly scrubbed could allow exposure of private taxpayer data.
A report from the U.S. Treasury Inspector General for Tax Administration found flaws regarding how the IRS sanitizes—or gets rid of—taxpayer data contained on agency-owned desktop computers and laptop hard disks.
Read more at NextGov - 2 min. read
WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today's expiration of the old contracts.
Monday, September 27, 2021
As Democrats get closer to raising taxes, financial advisors and their well-off clients are taking steps now to avoid some of those steeper levies later. “Our clients are concerned,” said Michael Nathanson, CEO and chair of The Colony Group. “This would be among the largest tax increases in history.”
Read more at CNBC - 4 min. read
The IRS is acknowleding the delays for some child tax credit payments, some stimulus checks and some refunds but it essentially says its doing the best it can ...
Read more at KDKA2 CBS Pittsburgh - 2 min. read
Sunday, September 26, 2021
A fourth stimulus check could help those still struggling to make ends meet. A few places, including California, have recognized that need for additional help and stepped up with additional payments. But will the Internal Revenue Service (IRS) provide another stimulus check in 2021?
Read more at 62CBS Detroit - 6 min. read
Saturday, September 25, 2021
Individuals claiming the standard deduction, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to certain qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns.
Friday, September 24, 2021
If you have qualifying children under the age of 18, you may be able to claim a child tax credit. (You may also be able to claim a partial credit for certain other dependents who are not qualifying children.) The American Rescue Plan Act of 2021 makes substantial, temporary improvements to the child tax credit for 2021, which may increase the amount you might receive.
Wednesday, September 22, 2021
Roth conversions are one way Americans can save on their tax liabilities in retirement - but the House recently proposed a bill that would curb these conversions for high earners. While this may appear to be bad news for some workers, there is a silver lining ...