Blog

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...

On Sunday, August 7, 2022, the U.S. Senate passed the Inflation Reduction Act of 2022. This bill is now back with the House of Representatives, who could still make changes that the Senate would have to approve before going to President Biden for signature.  I’m not claiming to have read all 755 pages of the bill (plus 2 amendments). My intent is to give you a little more information ...

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...

MY ANALYSIS OF BUILD BACK BETTER TAX PROVISIONS PASSED ON 11/19/2021 After months of posturing and general government in-fighting, the House of Representatives passed a bill on Friday, November 19 (H.R. 5376, the Build Back Better Act (BBB). There are not nearly as many tax provision changes as I would have expected based on Biden’s agenda prior to being elected and the Democrats hold...