Month: December 2022

Solar powered apartment building

Business Energy Credit Impacted by Inflation Reduction Act

The Inflation Reduction Act (IRA) signed into law by President Biden on August 16, 2022, included an expansion of existing tax credits to promote clean energy generation. One of the credits impacted by the IRA is the business energy credit for solar property under Internal Revenue Code (IRC) Section 48(a)(3)(A)(i). The changes to the IRC

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Man taking selfie at desk with laptop

Social Media Tips to Enhance Your Career

Social media is changing all the time, and using it well is important for your career. Why? Employers and clients will review social media channels to learn about you. This can happen before job interviews or an engagement. Your social profiles should be professional, but also interesting to a potential employer or a new client.

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Charging electric vehicle

Small Business Tax Planning for 2022 and Beyond

We are seeing fewer unfavorable tax law changes for 2022 related to non-corporate small businesses. In fact, there are several favorable opportunities under the Tax Cuts and Jobs Act of 2017 (TCJA), the CARES Act and the Inflation Reduction Act (IRA) that you should discuss with your tax advisor. Note: With an additional $80 billion

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Hot air balloon

IRS Announces Inflation Adjustments for 2023 Tax Year

Because inflation is high, many IRS inflation adjustments for 2023 will change more than they have in recent years. In the IRS Revenue Procedure 2022-38, it details these amounts. The following chart shows how these adjustments compare to amounts for 2022. Refer to these changes for your individual tax planning.   In addition, the Social

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Person holding money

2022 Year-End Tax Planning for Individuals

Ever since the Tax Cuts and Jobs Act of 2017 (TCJA) basically doubled the standard deduction amounts for many individual taxpayers, more households are opting for the standard deduction. For this year, the standard deduction allowances are: $12,950 for single people and married individuals filing separate returns, $19,400 for people who use head-of-household filing status,

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