Author: taxsecretsblog

Article Highlights: Solar Credit Home Backup Electric Storage Battery Credit Home Energy Improvement Credit Research Credit Clean Energy Vehicles (New and Used) Credits Standard Deduction Increase Increased Retirement Plan Contributions Other Tax-Related Inflation Adjustments With the holiday celebrations coming to an end and the New

Article Highlights: Schedule K-2 and K-3 Filing Requirements Background Fast Forward to the Present Domestic Entity K-2/K-3 Filing Exception Partner or Shareholder Notification Where You Play a Role Form 1116 – Foreign Tax Credit Filing Exception Form 1116 Exception Entity Notification There is an important

As the name suggests, cash flow is a term used to describe the money coming into and out of a business. Cash received - like money being paid to the business from its customers - would be inflow. Cash spent - like the funds being

Article Highlights: ACA Features Premium Tax Credit Family Glitch IRS Cure for the Family Glitch Action May Be Required Background - The Affordable Care Act (ACA) – also referred to as Obamacare) was enacted over 12 years ago, and one of its main features was

Article Highlights: ID Thieves Are Constantly After Your ID Information There Has Been an Exponential Increase in Text Scams Your Phone Is Their Target How to Report Text and Phishing Scams to the Government. Taxpayers should be aware of the recent increase in IRS-themed texting

Article Highlights: 1099-NEC Filing Requirements Independent Contractor Filing Threshold Form W-9 Worksheet This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue

Article Highlights: De Minimis Fringe Benefits Cash Gifts Gift Certificates Group Meals FICA and Wage Withholding It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low

December 2022 Individual Due Dates December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2022. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and

Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Qualified Tuition Programs Qualified Charitable Distribution Donor-Advised Funds Work Equipment Employee Gifts Monetary Gifts to Individuals Documentation Timing The holiday season is customarily a time of giving gifts, whether

If you had to make a list of some of the most successful video games of the mobile era, "Angry Birds" would undoubtedly be right at the top. According to one recent study, it has been downloaded more than four billion times as of 2019