Tax Tips

Mistakes on your taxes are a lot more common than you probably realize. Here is how to resolve the problem in a timely manner. A previously filed tax return can be fixed or amended to correct an omission or error. If the error results in you owing more tax, you should amend it quickly since…

While some of you may still have not heard of this part of the tax bill, we continue to help our clients navigate their way through it. The 2022-2023 Appropriations Bill (also known as the Omnibus) was released, and it includes a major overhaul called Secure 2.0. This overhaul will bring some substantial changes to…

The Secure Act 2.0 is a new piece of legislation that builds upon the original Secure Act of 2019. The changes make it easier for individuals to save for retirement, as well as providing incentives for employers to offer retirement plans. It increases the amount of tax credits available to employers who offer retirement plans…

This is great news for commercial building owners and design firms. Taxpayers who began construction before January 1, 2023 may apply the reference standard 90.1-2007 regardless of when the building is placed in service. IRS Announcement regarding 179D tax deduction referenced to the ASHRAE baseline reference standard For 2023, 179D nearly triples tax Incentives, lowers…

A tax deduction is a reduction in an individual’s taxable income, which can lower the amount of tax that the individual owes to the government. There are many different types of tax deductions, and they can be used by individuals, businesses, and organizations to reduce their tax liability. The Different Types of Tax Deductions One…

July 1, 2021 THE TREASURY GREEN BOOK OF BIDEN PROPOSED TAX CHANGES The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, that includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the “Green Book” and outlines the Biden administration’s tax proposals. Keep in mind…