Author: taxsecretsblog

Article Highlights: Contractor Developer Credit Retroactive Extension to 2022 Increased Credit 2023 through 2032 Prevailing Wage Requirements Qualifications Qualifying Residential Projects Non-Refundable Credit Basis Adjustment As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit

Article Highlights: Federal Disaster Declaration. Filing Dates Extended. Option as When to Declare the Disaster Loss. Records Located Within Disaster Area. Other Disaster Areas. The Federal government provides special tax law provisions to help taxpayers and businesses recover financially from the impact of a disaster,

October 2022 Individual Due Dates October 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later

Article Highlights: Itemized Versus Standard Deductions Medical Expenses Taxes Charitable Contributions If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows

The U.S. Justice Department has announced the indictment and arrest of Ehrenfriede Kauapirura, a Brooklyn, New York dietician. She is charged with multiple counts of filing false tax returns, obstructing the Internal Revenue Service, and willful failure to file a tax return.  Charges Include Fraudulent

Perhaps you’re a business owner who is ready to downsize, or a long-time employee ready to set off on your own and leverage your knowledge and experience to start your own small business. If you have a particular area of expertise then you’re probably in

Article Highlights: Discarding old tax records Statute of limitations Basis substantiation Now that your taxes are complete and filed for the year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago

According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when

If you had to make a list of some of the most profoundly successful entrepreneurs to ever live, there is at least one name that would absolutely be on it: Steve Jobs. Today, people know Steven Paul Jobs as the co-founder of Apple Computer. He

If you had to make a list of some of the biggest issues that plague small business owners on a regular basis, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out