10 Red Flags For IRS Audits
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. Watch for these […]
Alternate Valuation In Estate Tax Planning
Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something many investors might not think about is the potential effect on estate tax liability. Specifically, if the value of stocks or other assets drops precipitously after a person’s […]
Requirements For The Home Sale Gain Exclusion
If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review its requirements before you sell. Exclusion requirements Ordinarily, when you sell real estate or other capital […]
Strategic Use Of Bonus And Section 179 Depreciation
Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to the regular depreciation rules. This article reviews why it’s critical to look at the […]
Tax Savings With The Fuel Tax Credit
Companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. Many businesses qualify for it and it’s relatively easy to calculate. This article explores the potential savings and how to go about claiming this often-overlooked tax break. When does the federal fuel tax apply? The federal fuel […]
The Five-Year Rule For Roth IRA Withdrawals
What makes Roth IRAs so appealing, primarily, is the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules taxpayers must follow, including the widely misunderstood “five-year rule.” This article explains the ins and outs of this rule. 3 types of withdrawals To understand the five-year rule, you […]
Microsoft Secure Score Bulletin
Below is an important security bulletin from our external computer security provider DCG Technical Solutions, Inc. announcing a new security product from Microsoft that we recommend you utilize. Our score is above 90 which we have been told is spectacular. If you have any questions you should reach out to your external computer security provider […]
California Passes Expansion of Passthrough Entity Tax And Other Economic Relief
On February 7, 2022, the California Legislature passed Senate Bill 113 (“SB 113”) proposing an expansion to the California Passthrough Entity Elective Tax (“CA PTET”) as previously enacted under Assembly Bill 150 (“AB 150”), as well as additional relief unrelated to the CA PTET. The bill has been signed by Governor Gavin Newsom. SB 113 […]
