Selling Your Highly Appreciated Vacation Home? What About Taxes?

The tax-code-defined vacation home rules come into play when you have both rental and personal use of a home. Thus, you can have tax-code-defined vacation homes in the city, in the suburbs, and in recreation areas. If you have no combined rental and personal use of the home, the rules are easy. The property is […]

Get Ready to Say Goodbye to 100 Percent Bonus Depreciation

Using Bonus Depreciation or IRC Section 179 expensing

All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end – 100 percent bonus depreciation. Since late 2017, businesses have used bonus depreciation to deduct 100 percent of the cost of most types of property other than real property. But starting in […]

Buying an Electric Vehicle? Know These Tax Law Changes

Clean vehicle credit Electric and hybrid vehicle tax law changes.

There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle. The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues through 2032. The bad news is that the credit, now called the […]

2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family

Dear Client:    Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning.   Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy.   And […]

What To Look For In An Accountant

A couple considering a new accountant

The truth is, it may take a few tries before you find a good accountant that is the right fit for you. Too many business owners and individuals spend years putting up with an accountant who may get the job done, but really doesn’t take the time to understand their unique situation, offer proper business […]

5 Signs It’s Time To Get A New Accountant

A couple considering hiring a new accountant

Relationships can be tricky, but the one you have with your accountant shouldn’t be. If you often find yourself feeling confused or frustrated with your current accountant, then it may be a sign to start looking for a new accountant. Here are five things to pay attention to that can help determine whether it may […]

Navigating Charitable Donations on Taxes

Charitable donations and taxes

While the concept of giving is to benefit others, the good deed of putting those before yourself can also have personal benefits. When it comes to taxes, it’s often overlooked that certain charitable donations you make throughout the year can be applied to your deductions and possibly save you money on your tax returns. While […]

Why You Need a Proactive Accountant for Taxes

Proactive Accountant for Taxes

As your financial life becomes more complicated, the more you will benefit from a proactive accountant who can not only ensure your taxes are filed properly, but also help legally keep more of the money you earn over time. A good proactive accountant for taxes will take the time to understand the unique factors in […]

How To Navigate Taxes With Large Expenses

paperwork for filing taxes with large expenses

Filing taxes may become routine over the years, but the filing process can appear more complex when you have large expenses to take into consideration, such as the purchase of a new home or motor vehicles. While it’s best to be prepared with both the finances and knowledge when making big purchases and the impact […]

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