What Deductions Can I Take as an Owner of Rental Property?

4/8/2023 What Deductions Can I Take as an Owner of Rental Property? If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return. These expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs.  You can deduct the ordinary and […]

How does AI affect the stock market?

3/9/2023 How does AI affect the stock market? Artificial Intelligence (AI) is having a major impact on almost every industry. Major investment companies have implemented AI but it has not reached the stage where human intervention, analysis, and decision-making can be entirely eliminated. Some experts are skeptical about whether that will ever happen. Currently, the […]

First Time Home Buyers and Renters Face Incredible Hurdles

3/9/2023 First Time Home Buyers and Renters Face Incredible Hurdles Supporters of affordable housing from around the country are pressing Senate tax writers to advance tax policy that they believe can play a major role in addressing the current housing shortage. According to a new report from the National Association of Realtors, the share of […]

IRS New SECURE Act 2.0

1/3/2023 IRS New SECURE Act 2.0 On December 30, 2022 the President, as part of an omnibus spending bill, ‘SECURE 2.0’—the latest update to 2019’s Setting Every Community Up for Retirement Enhancement (SECURE) Act—could have the greatest impact for workers enrolled in qualified employer retirement plans. Here are some of the major provisions of SECURE 2.0 effective […]

How the new Consolidated Appropriations Act will change retirement

12/30/2022 How the new Consolidated Appropriations Act will change retirement The Senate passed a $1.7 trillion government funding bill (the Consolidated Appropriations Act, 2023) on December 22, sending the package to the House for a vote. Following House approval, the President is expected to sign the measure before government funding expires. Note that the Senate […]

Bonus Depreciation Phaseout

12/8/2022 Bonus Depreciation Phaseout Under the TCJA, (The Tax Cuts and Jobs Act) qualified depreciable assets, or qualified property, are eligible for a bonus deduction rate of 100% for assets placed in service after September 27, 2017, and before January 1, 2023. The bonus depreciation rate begins a gradual phaseout next year, dropping to 80% in […]

Article for Tax Guide Online

11/4/2022 Article for Tax Guide Online The 2023 Medicare tax rate is 2.9%. You’re typically responsible for paying half of this amount (1.45%), and your employer is responsible for the other half. Learn more. American workers have taxes for Social Security and Medicare withheld from their paychecks. Together, these two income taxes are known as […]

IRS Updates Electric Vehicle Credit

10/18/2022 IRS Updates Electric Vehicle Credit New Final Assembly Requirement If you are interested in claiming the tax credit available under section 30D (EV credit) for purchasing a new electric vehicle after August 16, 2022 (which is the date that the Inflation Reduction Act of 2022 was enacted), a tax credit is generally available only […]

IRS Increases Mileage Allowance Rates

10/11/2022 IRS Increases Mileage Allowance Rates The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of […]

Inflation Report Update

10/6/2022 Inflation Report Update The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent). While not part of the CPI, another measure of inflation […]