As we come to the end of a challenging year, many people are turning their thoughts to their long-term financial security, looking for ways to make the most of their savings, especially when considering retirement.
The holiday season is upon us! Around this time of year, we are often asked about optimizing charitable tax deductions, including whether you can take charitable donations without itemizing. There are many strategies available to decrease your tax burden through making donations. Below we will discussing a few different methods including bunching as well as […]
On September 28th, the federal government notified federal employees that a shutdown was seemingly imminent. However, on September 30th, the Senate approved a temporary funding bill extending the government’s operating budget for an additional 45 days. This has led to many conversations and left a lot of questions in people’s minds, most specifically: What does […]
If you’re a manufacturer, optimizing your business tax credit is key to maintaining good financial health. In general, tax credits are more valuable than tax deductions. Why? Because a credit reduces the company’s overall tax liability on a dollar-for-dollar basis, whereas a tax deduction only reduces the business’ taxable income. Appropriately using both, of course, […]
2022 gave us the Inflation Reduction Act (IRA) which provides valuable tax credits for companies that support clean energy manufacturing. Though the funding is limited, any eligible manufacturers can apply for this credit if they purchase property to re-equip, expand, or establish facilities in relation to clean energy. Most notably, the Act Of course, there […]
Reminder: The temporary 100% deduction for eligible business meal expenses remains in effect through December 31, 2022. That means there’s still time to benefit from tax-saving opportunities: Hosting office events and holiday parties are two great ways to build relationships with your clients and team while taking advantage of the expanded business meal deduction. Keep […]