Tax Tips

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Valuable Tax Credit Available for Energy-Efficient Homes

Under the Inflation Reduction Act, construction contractors who build or rehab energy-efficient homes may be eligible for a federal tax credit of up to $5,000 per project.

To claim the credit, builders are required to construct or substantially rehab a qualified home and own it during the construction process.

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Handle Your 401(k) Rollover With Care

Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. If you receive a 401(k) plan check that’s payable to you personally or if you have a distribution put into a personal account electronically, 20% of the taxable amount of the payout will be withheld for federal tax.

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Figuring Corporate Estimated Tax

The next quarterly estimated tax payment deadline for individuals and businesses is September 16, so this is another good opportunity to review the rules for computing corporate federal estimated payments.

You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax.

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HSAs Can Be Powerful Retirement Saving Tools

Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding healthcare expenses not covered by insurance. For those in relatively good health, they may also serve as attractive retirement savings vehicles.

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Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

Tax Tips for Growing Your Business with a New Partner

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis to zero.

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Help Prevent Financial Scams Aimed at Older People

Help Prevent Financial Scams Aimed at Older People

In any season, scam artists are seeking new ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones:

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Standard Mileage Rates for 2023

2024 Depreciation Limits for Business Vehicles

IRS guidance provides the 2024 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2024, depreciation limits (including first-year bonus depreciation) are $20,400 for year one, $19,800 for year two, $11,900 for year three, and $7,160 for each year after that. This includes passenger cars and SUVs, trucks, and vans if their gross vehicle weight (GVW) is 6,000 pounds or less. The IRS also announced lease inclusion amounts for lessees of passenger vehicles first leased in 2024. Read Rev. Proc. 2024-13 on for more details (PDF).

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Tax Records: What Can You Toss, and What Should You Keep?

Generally, the IRS has three years to audit a tax return, from the later of the due date or the date you file. If you overlooked something, you can also file an amended return within this time frame.

Here’s what you need to know about keeping financial records involved in your tax returns.

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