by ABIP | Apr 1, 2022 | Business, Newsletter, Taxes
As part of the final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27, 2017. As a business owner, they could affect your...
by ABIP | Mar 4, 2022 | Accounting, Business, Taxes
New Requirements for R&D Credit The IRS recently shared it receives thousands of R&D claims for credits in the hundreds of millions of dollars from corporations, businesses, and individual taxpayers. Claims for the research credit under Section 41 of the Tax...
by ABIP | Mar 4, 2022 | Accounting, Taxes
Shifting Tax Regulations in the U.S. & Abroad While there is incredible uncertainty as we move into 2022, there are a couple of major events tax teams should be tracking, as their outcomes could make a big difference for the 2022 tax landscape and well beyond....
by ABIP | Mar 3, 2022 | Individuals, News, Newsletter, Taxes
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include:...
by ABIP | Mar 3, 2022 | Individuals, News, Newsletter, Taxes
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have...
by ABIP | Mar 2, 2022 | Individuals, News, Newsletter, Taxes, Uncategorized
While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund. Not Using Electronic Filing While this isn’t...
by ABIP | Mar 2, 2022 | Individuals, News, Newsletter, Taxes
Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take...
by ABIP | Feb 24, 2022 | News, Newsletter, Past, Webinars
Objective. This event will help executives understand the transition process. What drivers increase or decrease value? Does private equity play a role? What is a common timeline? What steps are needed before taking your company to an investment banker or broker?...
by ABIP | Feb 7, 2022 | Individuals, News, Newsletter, Taxes
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or older and you...
by ABIP | Feb 3, 2022 | Individuals, News, Newsletter, Taxes
When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic drags on, more...
