by Sara Raby | Feb 1, 2023 | tax
There have been many changes to credits over the last few years; especially Covid related tax credits. Here is what is currently applicable to the 2023 tax year. Child and Dependent Care Tax Credit – the temporary increase in childcare expenses amount for the... 
by Sara Raby | Jan 31, 2023 | tax
In late December 2022, the SECURE Act 2.0 was passed. SECURE stands for Setting Every Community Up for Retirement Enhancement and this act is predominantly focused on enhancements to retirement programs. Catch Up Contributions For taxpayers 50 years and above, catch... 
by Sara Raby | Jan 31, 2023 | tax
Recent legislation (the Inflation Reduction Act of 2022 or IRA 2022) updated the requirements related to electric vehicle purchases made after August 16, 2022. As a refresher, taxpayers may qualify for a federal income tax credit up to $7,500 for the purchase of a... 
by Sara Raby | Nov 30, 2022 | tax
Now is the time to implement year-end tax planning strategies to mitigate tax liabilities for 2022. Below are our top tax planning strategies to consider: 1. Charitable Contributions Consider lumping 2 years of planned charitable contributions into one year to... 
by Sara Raby | Nov 2, 2022 | tax
The IRS has issued a few notices to adjust for inflation for 2023 in Notice 2022-38. The 2023 Standard Deduction is increased to $27,700 for MFJ (up from $25,900) $20,800 for HOH (up from $19,400) $13,850 for Single filiers and MFS (up from $12,950) The refundable... 