The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look!
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.
The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17; however, penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May...
Click on the links below to jump to each section in this article: Tax Credits for Electric Vehicles and Plug-in Hybrids Special Tax Rules for Children With Investment Income Claiming the Credit for Other Dependents Unemployment Benefits Identity Theft Scam Alert There's Still Time To Make an IRA Contribution for 2020 Tax Credits for Electric Vehicles and Plug-in Hybrids Tax credits are still available for Qualified Plug-in Electric Drive Motor Vehicles, including passenger vehicles and...
Here's what business owners need to know about tax changes for 2020. Standard Mileage Rates The standard mileage rate in 2020 is 57.5 cents per business mile driven. Health Care Tax Credit for Small Businesses Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not...
