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Archives for Taxes

Clean Vehicle Credit comes with caveats

The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric Drive Motor…

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Independent contractor vs. employee: Are your manufacturing workers properly classified?

Manufacturing company owners may mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as contractors satisfy all of their tax obligations. However, this couldn’t be further from the truth. Improper classification of workers can…

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Manufacturers need to act soon to take advantage of 100% first-year bonus depreciation

First-year bonus depreciation typically creates a powerful tax incentive for eligible manufacturers to purchase qualified property needed for business reasons. These tax write-offs can benefit a manufacturer’s cash flow, but claiming them isn’t always the best decision. However, if your manufacturing company wants to take full advantage of the bonus depreciation, this is the year to do so.

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The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

The IRS has announced additional relief for pass-through entities required to file Schedules K-2 and K-3 for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they need to file their own returns.

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Transferring Values—Not Just Wealth—to Your Heirs

Many of us have thought about how to best transfer our wealth to our heirs someday. It’s vital to understand the importance of your values when it comes to your wealth and sense of purpose in life. Here’s how to show your kids the connection between the two so they see the “why” behind decisions made with the family money. 

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