Category: Tax Credits & Incentives

The Tax Cuts and Jobs Act was passed in December 2017.  While most of the tax provisions in this legislation are already effective, some provisions are just now taking effect.  One of these provisions will significantly impact certain businesses starting in 2022....

Just a reminder that the traditional tax filing due dates listed below are not being adjusted this year by the government. Due to ever changing tax laws, related tax forms and software updates, coupled with the unknown of whether or not various states will conform with the F...

As the recovery from the COVID-19 crisis takes hold and the economy and life begin to return to normal, now is an ideal time to focus on tax planning for the remainder of 2021. ...

The IRS released its annual “Dirty Dozen” tax scams for 2021 on June 28th. One of the key provisions of this announcement is the IRS this year made its Identity Protection PIN program available to all taxpayers. ...

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:...

The big COVID 19 relief bill that just passed December 27th had a lot of big-ticket items in there, mostly for businesses and then the stimulus checks for individuals.  One of the overlooked items are some interesting changes to the way some individual tax credits are going...

Minnesota has conformed to the Federal Section 179 deduction. This deduction allows taxpayers to deduct the entire cost of certain property as an expense. This eliminates the addback under the former Minnesota law....

As I put together this document of the timeline, summaries and resources for you, I wanted to share what message I printed out and shared with my daughters as they start their first day at home of flex learning: Don’t Stress, Do Your Best, Forget the Rest...

Congress has just passed a new bill, called the CARES Act to provide stimulus and relief for the coronavirus situation.  There are many aspects of the bill ranging from loan forgiveness, unemployment insurance expansion, healthcare provisions, student loan provisions, SB...

The 179D deduction has been gone since 2017 and the good news is that it is back.  The tax extenders bill passed in December 2019 with this popular Energy Efficient Commercial Buildings Deduction.  This had become a viable tax savings strategy again for many taxpayers. The...

We all know that solar energy can save you money on future energy costs. But did you also know that there is a federal Solar Investment Tax Credit (ITC) of up to 30% of the total cost of the energy property? The energy property must meet performance and quality standards, mu...

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation....