January, 2024
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House Passes Tax Relief for American Families and Workers Act
The Tax Relief for American Families and Workers Act has passed the House. We review its provisions and discuss next steps and consequences.
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More on Electronic Filing of 1099 Requirements
An issue has been identified related to electronic 1099 filing for those that used the FIRE system in prior years. We discuss and offer solutions.
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Making Charitable Contributions Count (Part II)
A recent post discussed donor advised funds. This week we present another option for effective charitable donations coming direct from an IRA and how it can be used to achieve a bigger charitable deduction in 2024.
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Early End of ERC? Return of 100% Bonus Depreciation? The Tax Relief for American Families and Workers Act of 2024
Draft legislation has the potentially to significantly impact your 2023 tax return. We discuss the benefits as well as the proposed detriment of early termination of the Employee Retention Credit.
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Making Charitable Contributions Count (Part I)
Would you prefer to donate cash instead of grain? Would you like to get more tax benefit out of your charitable deductions? We discuss an option for achieving a bigger deduction in 2024.
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2024 Tax Inflation Adjustments
There are increases in tax brackets, retirement contributions, deductions and estate tax exemptions for 2024. We outline the most relevant items for producers.