
Understanding the New Above-the-Line Tax Deduction for Qualified Tips
Tax Credits, Tax Reform, Tax TipsArticle Highlights:
Prior Law on Tip Reporting and Employer Requirements
Introduction of the Above-the-Line Deduction for Qualified Tips
Above-the-Line Deductions
Qualified Tips Definition
Tips in Business Operations
When…

Congress Is About to Terminate Environmental Tax Credits. Taxpayers Need to Act Quickly to Qualify
Congress, Tax CreditsArticle Highlights:
The One, Big, Beautiful Bill
Previously Owned Clean Vehicle Credit
New Clean Vehicle Credit
Energy Efficient Home Improvement Credit
Residential Clean Energy Credit
The legislative landscape of environmental…

Understanding Filing Requirements and Non-Compliance Penalties for Exempt Organizations
Tax Credits, Tax News, Tax Planning, Tax Reform, Tax Tips, TaxesArticle Highlights:
Annual Filing Requirements
Understanding Which Form to File
Due Dates and Extensions
Online Filing Options
Consequences of Late Filing or Non-Filing
Monetary Penalties for Filing Non-Compliance
Other…

Fore! When Golfers Miss the Fairway on Taxes
Tax Credits, Tax NewsAs Rory McIlroy celebrates his historic 2025 Masters victory, joining an elite group of golfers – including Tiger Woods and Jack Nicklaus – who've completed the career Grand Slam, the spotlight on professional golf has never been brighter.…

Federal EV Tax Credits: Should They Stay or Go?
Electric Vehicles, News, Tax Credits, Tax Reform, Tax TipsThe debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and…

Essential Tax Credits Every Parent Should Know About
2024 Taxes, Tax Credits, Tax PlanningArticle Highlights:
Social Security Number
Child Tax Credit
Child and Dependent Care Credit
Adoption Tax Credit
Earned Income Tax Credit
Credit for Other Dependents
American Opportunity Tax Credit
Lifetime Learning…

Unlocking Cash Flow from Tax Credits: A Hidden Advantage for Small Businesses
Small Business, Tax CreditsIf you’re the driving force behind a small or medium-sized business, you know that cash flow is the lifeline of your operations. Yet, in the daily whirlwind, an incredible opportunity often gets overlooked—tax credits. These aren’t just…

Making Home Improvements? You May Qualify for a Substantial Tax Credit
Home Ownership, Tax CreditsArticle Highlights
Credit Percentage
Specific Qualified Items and Per Item Annual Limits
Components Subject To $1,200 Aggregate Credit Limit
Components Subject To $2,000 Aggregate Credit Limit
Annual Credit Limits, $1,200 vs.…

Breaking News: The IRS Has Just Updated Their Position Related to Denying or Paying Employee Retention Credit (ERC) Claims
Finance, Finance Tips, Small Business, Tax CreditsArticle Highlights:
IRS's Current Position on ERC Claims
High-Risk Claims
Medium-Risk Claims
Low-Risk Claims
Availability of a Voluntary Withdrawal Program
Businesses with Unprocessed Claims
Businesses with Uncashed Refund…

Reminder: Claims For Recovery Rebate Credit About to Expire
2024 Due Dates, COVID-19, Tax CreditsArticle Highlights:
COVID 2020 Economic Impact Payments
Recovery Rebate Credit
Credit Refund Is About to Expire
$1,200 for Single Taxpayer and $2,400 for Married Couples plus $500 for Dependents.
How To Claim the Credit if Not…