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, […]
Insights
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 […]
Dear Clients & Friends, Rising inflation is a burden on us all, but the good news is that the state of Illinois is helping ease the burden by suspending the 1 percent sales and use tax imposed on groceries for one year, as of July 1, 2022, and instituting a ten-day sales tax holiday in […]
According to the Pew Research Center, 50.3% of US adults aged 55 and older are now retired—partly as a result of labor force shifts related to Covid-19. This means a lot of people are facing changes in their tax obligations. So, what do you need to know? Of course, the biggest change in retirement is […]
Last July, approximately 36 million of qualified families began receiving the first of six monthly payments for the Advance Child Tax Credit (CTC). As part of the President’s American Rescue Plan Act, the CTC had been raised to $3,600 per child under age 6 and $3,000 per child between 6 and 17 years of age. […]