Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
The American Rescue Plan Act of 2021 (ARPA) expanded eligibility for the premium tax credit (PTC) by eliminating the phaseout for households with annual incomes of more than 400% of the federal poverty line for 2021 and 2022. The PTC is a refundable … [Read more...] about Extension of expanded eligibility for the premium tax credit
The out-of-pocket expenses that educators can claim as a deduction increased to $300 for 2022, up $50 from last year. This is the first increase since 2002. The deduction for unreimbursed expenses is available to all educators, even those claiming … [Read more...] about Educator Expense Deduction Increased
The IRA extended the $10,000 ($5,000 MFS) state and local tax (SALT) limitation through 2026. The $10,000 cap on the SALT deduction that was included in the Tax Cuts and Jobs Act was set to expire on December 31, 2025. … [Read more...] about SALT Limitation Extension
President Biden’s decision to forgive a portion of some student loans and the objections some have raised to his actions received a great deal of media attention over the summer. Receiving significantly less attention were the potential tax … [Read more...] about Student Loan Forgiveness Not Taxable
You must begin using updated life expectancy and distribution period tables to calculate required minimum distributions (RMDs) from your qualified retirement plans and IRAs starting with the calendar year 2022. These tables reflect longer life … [Read more...] about Required Minimum Distributions
The tax legislation that has received the most attention in the past year is the Inflation Reduction Act of 2022 (IRA of 2022), which was signed into law this August. One of its goals was to address climate change by offering tax incentives for going … [Read more...] about Inflation Reduction Act Tax Credits
