Congress is considering a number of tax cuts for families, including increasing the child tax credit, expanding the earned income tax credit, and making the child care tax credit more generous. The tax cuts are proposed to help families with…
The IRS issued guidance on cryptocurrencies in October 2023. The guidance clarifies that cryptocurrencies are considered property for tax purposes. This means that taxpayers must report their cryptocurrency transactions on their tax returns. The guidance also provides rules for determining…
Congress passed the Infrastructure Investment and Jobs Act on November 15, 2021. The bill includes $1.2 trillion in new spending on infrastructure, such as roads, bridges, and broadband. To pay for the bill, Congress raised taxes on corporations and wealthy…
The Biden administration has proposed a number of tax increases for wealthy Americans, including raising the top marginal income tax rate from 37% to 39.6%, increasing the capital gains tax rate for high-income earners, and closing the estate tax exemption…
The Internal Revenue Service (IRS) has announced the tax season dates for 2024. The deadline for filing federal income tax returns for most taxpayers is April 18, 2024. However, the deadline for taxpayers who live in Maine or Massachusetts is…
Depreciation is a crucial tax concept for businesses. This blog post simplifies the concept of depreciation and explains its impact on business taxes.
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters,…
Navigating the complex world of taxes can be overwhelming for businesses. This blog post explores the five most common tax mistakes businesses make and provides practical tips on how to avoid them.
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia,…