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Medicare Coverage: 2023 Premiums and Key Tax Considerations

Medicare health insurance premiums can add up — especially if you’re upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on your tax return. Important: If you have a health savings

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Tricky Tax Angles to Fringe Benefits

Competition for top-notch workers can be fierce. Your business currently may be understaffed due to a number of factors – including the “Great Resignation” and “quiet quitting” where employees do the bare minimum before eventually leaving. A proven way to help attract and retain the cream of the crop is to expand or enhance your company’s

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Do You Know the Tax Implications of Equity-Based Compensation?

Equity-based compensation often is associated with startup companies. But businesses in a cash crunch also might consider such awards in lieu of year-end cash bonuses. In addition to recognizing high performance, stock options and other types of equity-based compensation can boost retention. Before you jump in headfirst, it’s important to understand the different types of awards

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New Law Expands Deduction for Energy-Efficient Commercial Buildings

There’s good news for owners and designers of commercial buildings that are energy efficient. In 2021, the energy-efficient commercial buildings deduction (also known as Section 179D) was made permanent, thanks to the Consolidated Appropriations Act. Now, the recently passed Inflation Reduction Act (IRA) has significantly changed the tax deduction again. The IRA boosts the potential value

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The IRS Has Announced Various Tax Benefit Increases for 2023

The IRS announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here are some of the tax amounts for 2023, as compared with 2022. Tax Item 2023 2022

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New Rules for EV Tax Credits Under the IRA

You’ve probably heard that the newly enacted Inflation Reduction Act of 2022 (IRA) includes a package of measures to fight climate change, including tax incentives for both consumers and businesses. Among other things, the law extends and revises a tax credit for buying a “clean vehicle” through 2032. This was previously referred to as the electric

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What you Need to Know About Taxes and Gig Work

The COVID-19 pandemic has seen an expansion of the so-called “gig economy,” also known as the sharing or access economy. According to the Pew Research Center, 16% of U.S. workers have ever earned money through an online gig program, such as Uber, DoorDash, or Instacart. The opportunity to be your own boss or simply to make

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Small Business Alert: Take Advantage of the WOTC for New Hires

In today’s tight labor market, small businesses may need to think outside the box to find employees to fill open positions. In some cases, you may have to sweeten the deal with higher salaries or extra benefits. But you may be able to offset higher compensation costs with a lucrative federal tax credit for hiring

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Consider Taxes Before Selling a Highly Appreciated Vacation Home

Real estate markets are still surging in many parts of the country, especially in some popular travel destinations. If you’re thinking about selling a vacation home that’s increased dramatically in value, you might be rightly concerned about the tax hit. While the limited federal income tax gain exclusion break is still on the books it’s only

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Spring Cleaning Your Personal Tax Files

The general rule for retaining federal tax records is three years. That’s because the statute of limitations for the IRS to audit your tax return is typically three years. The statute of limitations starts on the latter of 1) the due date for your tax return or 2) the date on which you file your taxes.

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