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site design by digitalstoryteller.io
What qualifies as a “coronavirus-related distribution” from a retirement plan?
/in News, Tax Tips - Business/by Magdi CookHave you been thinking about taking a distribution from your retirement plan? Many people have been contemplating whether they should or shouldn’t take advantage of this provision in the Coronavirus Aid, Relief and Economic Security (CARES) Act.
COVID-19 makes favorable changes to “qualified improvement property” – 100% bonus now or retroactive!
/in Tax Tips - Business, Tax Tips - Individual/by Amanda RogersAlthough electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break.
The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles and light trucks. The credit is equal to $2,500 plus an additional amount, based on battery capacity, that can’t exceed $5,000.
Hire your children to save taxes for your business and your family
/in Tax Tips - Business/by Betty KimIt can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall. Shifting […]