Blog

Corporate Transparency Act and Beneficial Ownership Information Reporting Requirement The Corporate Transparency Act (CTA) was passed in 2021 under the National Defense Act in an effort to reduce money laundering and other financial crimes. It requires most small businesses to provide information about owners and decision makers (i.e. “Beneficial Ownership Information” (BOI)) to the ...

Section 45W was created in the Inflation Reduction Act and is available for qualified vehicles acquired and placed into service between 2023 and 2032. This is a general business income tax credit.  The credit is 15% of the cost but increases to 30% for a vehicle not powered by a gasoline or diesel combustion engine. The credit cannot exceed the vehicle’s incremental cost, which is t...

The Inflation Reduction Act (IRA) passed on August 16, 2022 added numerous tax incentives for making investments in “clean energy”. I plan to write about various topics of interest over the next few weeks. I will start with the revised §30D clean vehicle credit.  This credit existed prior to the IRA and could be the same maximum of $7,500. The credit phased out as the model...

A tax advisor that only prepares your tax return and you don’t talk to again until the following year is useful, but the value of a great tax advisor is in planning. No one likes surprises with taxes. A costly surprise can set back your short-term financial goals. If you get a large refund, that is likely capital you could have deployed more wisely elsewhere. I encourage all my clients to go...

For most taxpayers, estimated tax payments will never be necessary. Most people pay their taxes through their employer via the withholding system. If you’ve earned $100, you are going to have $6.20 taken out for Social Security (up to the annual ceiling, which is $142,800 of wages in 2021) and $1.45 taken out for Medicare, then you will have federal income tax withheld based on your response...