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Get tax breaks for energy-saving purchases this year because they may disappear
/in News, Tax Tips - Individual/by Betty KimThe Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action […]
The nanny tax: What household employers need to know
/in News, Tax Tips - Individual/by Betty KimHiring household help, whether you employ a nanny, housekeeper, or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal […]
Working remotely is convenient, but it may have tax consequences
/in News, Tax Tips - Individual/by Encore Partners TeamMany employees began working remotely during the pandemic and continue doing so today. Remote work has many advantages for employers and employees, and as a result, it’s here to stay in many industries. But it may also lead to some tax surprises, especially if workers cross state lines. Double taxation may occur It’s not unusual […]