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Tag Archives: tax deductions

IRS Begins Audits of Business Aircraft Use by Joseph Leocata, JD, CPA, MBA


Posted on April 17, 2024 by Joseph Leocata

The IRS has begun auditing the use of corporate jets to ensure taxpayers properly allocate business use from personal use for tax purposes. These efforts are part of the agency’s larger strategic plan to increase audit enforcement and improve tax compliance among large corporations, partnerships and high-net-worth individuals. Under current law, businesses may deduct certain […]

Tax Efficient Pre-Immigration Planning Takes Time by Magda Szabo, CPA, JD, LLM


Posted on January 10, 2023 by Magda Szabo

The United States continues to be a destination for foreign citizens to invest their assets, conduct business and, in many cases, make their permanent home. Those individuals seeking U.S. residency often find the path to citizenship lined with a wealth of opportunities, a broad range of new responsibilities and costly liabilities, including U.S. income tax, […]

IRS Announces Inflation-Adjusted Individual Tax Rates for 2023 by Jeffrey M. Mutnik, CPA/PFS


Posted on December 12, 2022 by

The IRS has released the annual cost-of-living adjustments to various provisions of the tax code for 2023, noting that some of the changes are significant due to persistently high inflation. For some taxpayers, these adjustments will result in higher take-home pay, larger credits and deductions, and the ability to protect more assets from the federal […]

IRS Increases Retirement Plan Contribution Limits for 2023 by Jack Winter, CPA/PFS, CFP


Posted on December 08, 2022 by Jack Winter

The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]

Year-End Tax Planning Amid Economic Uncertainty by Tony Gutierrez, CPA


Posted on November 29, 2022 by Anthony Gutierrez

Once again, year-end tax planning is complicated by an uncertain economic landscape. Despite a year of strong job growth and consumer spending, persistent inflation, rising interest rates and market volatility have stoked fears of an impending recession. On the political front, the November mid-term elections have left the country with a divided Congress that will […]

Changes Ahead for Bonus Depreciation by Joshua P. Heberling, CPA


Posted on November 07, 2022 by Joshua Heberling

Companies considering a purchase of certain tangible business assets may want to accelerate those acquisitions in 2022 before they lose the full benefit of 100 percent bonus depreciation, which will begin phasing out at the end of the year. Under the Tax Cuts and Jobs Act passed into law in 2018, businesses gained the ability […]