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The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: Purchase an EV, and claim the clean

If your children work in your business, consider giving them education fringe benefits. Doing this right creates tax deductions for the business, and tax-free fringe education benefits for the child. You can accomplish this without a Section 127 plan when

Health Savings Accounts (HSAs) are designed for use alongside high-deductible health plans, assisting you in covering your medical expenses. They can also function as an incredible retirement account due to their triple tax benefit: You can deduct contributions from your

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

Does the IRS charge interest? Yes! The IRS charges underpayment interest when taxpayers don’t pay their tax, penalties, additions to tax, or interest by its due date. Generally, this interest accrues from the due date until the balance is paid

Here’s a question: Does a member of a limited liability company (LLC) or a partner in a partnership have to pay self-employment taxes (Social Security and Medicare tax) on the member’s or partner’s share of the entity’s income? Incredibly, the

You intend to launch your own commercial enterprise. How does that feel? One of a person’s most significant life events occurs at this time. A dream has come true. Now that you are beginning to generate money in your first

Have you ever submitted an online tax return to the IRS only to have your efforts rejected?  Has the IRS ever claimed that someone else with your identity and Social Security number had already filed a tax return? If so,

2021 was a significant year for cryptocurrencies. Over the previous 12 months, more than half of active Bitcoin investors began investing. Throughout the year, the cryptocurrency market experienced all-time highs and lows, resulting in significant profits and losses for many