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.
As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here’s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives.
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.
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives.
One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.
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.
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.
Contact us to ensure you meet all applicable deadlines and learn more about the filing requirements.
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.
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal, and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. However, the question of whether a worker is an employee or an independent contractor is complex.
Be careful that your independent contractors are properly classified for federal tax and employment tax purposes because if the IRS reclassifies them as employees, it can be an expensive mistake.
