Don’t Go Into Tax Season Blindly, by Mike Noon

Tax Planning…sounds so broad and formal.  What is tax planning?  To me, it’s time set aside to think about your current year tax situation and next year(s) tax situation and ponder if there is a better way to…

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Gift Tax Requirements, by Amanda Mitchell

A gift tax, as defined by the Internal Revenue Service (IRS), “is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether…

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AMT or exemption new tax rules, by Amanda Mitchell

The GOOD news is that AMT is changing, new tax rules apply to 2018 through 2025….see below The Alternative Minimum Tax (AMT) was enacted by Congress in 1969 to prevent a small number of wealthy taxpayers from avoiding…

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Business Energy Investment Tax Credit, by Sandra O’Connor

Business Energy Investment Tax Credit (ITC) Businesses may take a tax credit of up to 30% of the cost of investment credit property that qualifies for the energy credit. Investment credit property is any qualifying depreciable or amortizable…

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C-Corporation Changes, by Sandra O’Connor

C-Corporation Changes – Tax Cut & Job Act  Both C-Corps and their shareholders or owners are affected by the Tax Cuts and Job Act (TCJA) policy changes. Some major changes include the new flat inside C-Corp tax rate…

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Education Credits, by Sandra O’Connor

Taxpayers, their spouses and/or dependents pursuing higher education could be eligible for an education credit that can reduce amount of tax owed by up to $2,500 per eligible student. There is often much confusion when it comes to…

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Personal Residence Converted to a Rental Cost Basis and Sale, by Mike Noon

Please see prior blog regarding the Tax Treatment for Sale of Rental.  This blog will dive into the cost basis to use on the sale of a personal residence that was converted to a rental property.  There are…

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R&D Credit, by Amanda Mitchell

Research & Development Tax Credit (Section 41) Do you own a business and does your business find ways to improve upon use of technology and equipment? If your answer is yes, then you could qualify to reduce your…

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Residential Renewable Energy Credits, by Sandra O’Connor

Taxpayers that made any energy saving improvements to their home in 2018-2021, could be eligible for a credit of up to 30% of equipment and installation costs. The credit is 30% for tax years 2018 and 2019, 26%…

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Tax Treatment for the Sale of Rental, by Amanda Mitchell

Investing in a rental property has many tax benefits for a taxpayer with deductions that can offset the income earned, but what happens when that rental is sold? Unfortunately, selling a rental can have the counter-effect and create…

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