Now that we are in the last quarter of 2022, it is time to make adjustments for this year and prepare for changes needed in the upcoming year. One important area to focus on is your employees, which are critical to your company’s success. Especially in this competitive labor market. It has been challenging for…
Even as fears about COVID-19 are starting to subside, the short-term rental sector that thrived during the pandemic is still growing. Owners of rental properties are generally aware that the money from the rental activity may be subject to income tax; but, when substantial guest amenities are included with the rental, owners may be unaware…
New environmental-related tax credits that benefit both individuals and small businesses are part of the recently enacted Inflation Reduction Act of 2022 (IRA). The Act also extends and changes a few existing credits. New Clean Vehicle Credit (up to $7,500) The IRA extends the current tax credits of up to $7,500 for qualifying electric vehicles,…
A rental property can be a fantastic source of income and offers great tax breaks. Landlords can significantly reduce their tax liability by claiming specific rental property tax deductions, such as deductions for mortgage interest, depreciation, and maintenance. If you are a landlord, then knowing the available deductions and the rules for claiming them can…