Tax Preparation, Insurance, Payroll, Medicare and Business Advisement in Jamestown NY
Tips and Articles on Tax Advisory
One of the most talked-about parts of the Tax Cuts and Jobs Act is the QBI deduction or qualified business income deduction. So what exactly is it, and can I get it? What is the QBI?The qualified business income deduction is a 20% deduction on … [Read more...] about What is this QBI deduction I’ve been hearing about?
2022’s crash in cryptocurrency prices has many Americans souring on digital assets as an investment. Still, the IRS continues to expand its efforts to locate taxpayers who are using cryptocurrency to avoid taxation. The COVID-19 pandemic slowed down … [Read more...] about IRS Crackdown on Crypto Continues
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
