What individuals need to know about the new CARES Act
The third coronavirus relief package – the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – has been passed by Congress and signed by President Trump. The CARES Act contains provisions designed to help both businesses and individuals. Click here to read about the provisions affecting businesses. Below is a look at those provisions […]
States offer tax filing relief in wake of COVID-19 outbreak
As the impact of the coronavirus (COVID-19) continues to spread across the country, different states’ departments of revenue are offering various forms of tax relief, from extending tax filing deadlines to deferring sales tax. Legislative activity is moving quickly and changing daily. As of March 23, 2020, 39 states, along with various municipalities, have issued […]
Creating a new employee retirement plan could mean a tax credit
If you have been considering creating a retirement plan for your employees, you should know about a valuable tax credit that is available. Employers may be able to claim a tax credit for some of the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified retirement plan. The tax credit is 50 […]
If your kids are off to day camp, you may be eligible for a tax break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, […]
Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted […]
Tax credit for plug-in vehicles begins to phase down
If you purchased a plug-in electrical car in 2018, you may be eligible for a tax credit – but not for long. A federal tax credit of $7,500 was offered to purchasers of plug-in electric cars, but now that two car manufacturers – Tesla and GM – have sold more than 200,000 eligible vehicles in […]
How will tax reform impact your 2018 taxes? A review of the TCJA provisions
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on […]
Go green: Save tax by saving energy at home
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the […]
Sending your kids to day camp may provide a tax break
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit. This includes camps that specialize in a particular activity, such as baseball, soccer, computers, etc. This does not include school- and […]
WOTC is a win-win for employers and employees alike
Employers can get credit where credit is due. The Work Opportunity Tax Credit is a valuable and beneficial tool for employers to receive a tax credit for hiring certain workers who face significant barriers to employment. The Work Opportunity Tax Credit generally is based on wages paid to eligible employees during their first year of […]