The Inflation Reduction Act of 2022 was signed into law with the goal of addressing economic challenges and encouraging businesses and homeowners to adopt more “green” energy practices. With this bill comes an important provision: the Home Energy Efficient Tax Credit. This credit incentivizes homeowners to make energy-efficient improvements to their homes. In this blog […]
Tax season is just around the corner, and for many, this time of year can be both daunting and overwhelming. However, with the proper planning and organization, you can take on tax season with confidence! This blog post will serve as your comprehensive guide to tax season preparation, outlining the key steps you need to […]
We’ve talked about how important accurate and timely financial records are, but these are also critical if you ever get audited or sued. These financial records are also an IRS requirement. Let’s take a look at which records you’re required to keep, how long you should keep them and to make sure you don’t loose […]
Many small businesses use the owners personal checking account for all of their business transactions. This can cause problems when it comes time to balance the books, pay taxes, and create an bookkeeping nightmare. Piercing the Corporate Veil Another, perhaps more critical consideration is that using a personal account for business has the potential of […]
In 2017, the Tax Cuts and Jobs Act eliminated carrying back of Net Operating Losses (NOLs). However, with recent economic hardships from the Coronavirus, new provisions in the CARES act now waive that and businesses can now carry back a NOL arising in a taxable year beginning after Dec. 31, 2017, and before Jan. 1, […]
