Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Learn about tax tips and articles from our advisory section from Gleason Tax Advisory.
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
How much are you eligible for? For 2022, the child and dependent care credit is much smaller and nonrefundable (in 2021, it was fully refundable). The dollar limit for eligible expenses returns to $3,000 ($8,000 for 2021) for one child and … [Read more...] about Tax credit for children and qualifying dependents
Your automobile may provide several automobile tax deductions that may lower your income tax. As with all deductions, it’s important to maintain accurate records of your expenses. Record Keeping Keep accurate records of the miles incurred for … [Read more...] about Automobile Tax Deductions
Higher deduction allowed If you acquire and place into service a new or used passenger vehicle in 2022 and use it over 50% for business, you can depreciate up to $19,200 if you elect to claim first-year bonus depreciation. This is an increase from … [Read more...] about Vehicle depreciation
