Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan (like a 401(k) plan.) A tax credit reduces the amount of taxes you may owe on a dollar-for-dollar basis. If you qualify, you […]
Retirement Plans Startup Costs Tax Credit Read More »
Are you confused about which electric vehicles (EVs) qualify for federal tax credits? You’re not alone. To clarify the rules, here’s a guide to EV and plug-in electric vehicle tax credits. It answers some crucial questions you might have about these incentives. How much is the credit? You’ll often hear that a credit is worth
Electric Vehicle Tax Credits: What You Need to Know Read More »
While monthly child tax credit payments have gotten more attention, the American Rescue Plan Act offers another benefit for families with younger children – an enhanced child and dependent care credit for 2021. Not only will millions of families get a larger credit when they file their tax return next year, but many more Americans will get the full
Child Care Credit Expanded for 2021 (Up to $8,000 Available!) Read More »
Beginning January 1, 2019 and ending December 31, 2026, Oregon allows an income subtraction for first time home buyers with qualified savings accounts in the state. This program allows qualified individuals to deduct up to $5,000 (single) or up to $10,000 (married filing jointly) from taxable income per year. Requirements You must be an Oregon
OREGON FIRST-TIME HOME BUYER’S INCENTIVE Read More »
Multnomah County voters approved a new personal income tax to fund preschool programs. The tax, effective January 1, 2021, is on individuals who live in Multnomah County or who don’t live in the county but receive income from Multnomah County sources. The tax is 1.5% on income over $125,000 (single) and $200,000 (joint) and 3.0%
New Portland Tax Further Complicates Oregon’s Tax Landscape Read More »
CFO. You may have traditionally thought this executive-level role reserved for only larger businesses. But now that your business is growing, you are considering whether you need a new financial role in your organization – one that can focus on the overall financial position and future of your business. Help that goes beyond daily, reactive
CFO Services for Small Business: Do You Need Them? Read More »
There are currently at least three ways your clients can write off costs associated with boats this year, assuming they itemized deductions. 1. Mortgage Interest Generally, you’re allowed to deduct qualified mortgage interest paid on a principal residence and one other home, like a vacation home. Under the TCJA, deductions are limited to interest on up to $750,000
Boating Deductions Clients Can Reel In Read More »
There’s been a disturbing change in precedent as practiced by the Internal Revenue Service: IRS audits of research and development tax credit claims by service providers, such as architecture and engineering companies, have become inconsistent over the last couple of years. In fact, IRS audit actions appear to be reversing the long-standing precedent for the
A turn for the worse in IRS treatment of the R&D credit Read More »
Manufacturing Global takes a look at the latest manufacturing market trends in CPG, predictive maintenance, Big Data security, AI and industrial robotics Consumer-Packaged Goods (CPG) Market As consumer-packaged goods (CPG) manufacturers strive to anticipate customer demand and optimise their processes, the latest forecasts from ABI Research indicates that overall digital factory revenue will reach US$24bn by 2030,
Factories of the Future: Five Manufacturing Market Trends Read More »
From depreciation and carrying forward losses to research and development credits, public contractors rely on an array of tactics to help minimize tax bills. This article is the second in a series looking at what public and private construction firms pay in federal taxes and the techniques some of them use to minimize their tax
5 strategies construction firms use to lower their taxes Read More »
