Tax Warrior Chronicles

Inflation Adjustments *Increase Tax Deductions and Credits* for 2022

Posted on Fri, Nov 19, 2021

The Internal Revenue Service recently announced its annual inflation adjustments for tax year 2022 and many tax provisions have increased as a result. In today’s post, we’ll get you up to speed on the increased deductions and credits available in 2022. Inflation is usually a bad word, but in some cases it can be good. So today, let’s explore the good inflation that we all like to hear about, increases in tax deductions and credits. Let’s get at it!

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Employee Retention Credits - Alternative Relief to Paycheck Protection Loans

Posted on Wed, Apr 15, 2020

As the coronavirus continues to overwhelm our nation’s economic and health systems, new tax credits have been introduced to ease the financial hardship placed upon families and business throughout the country.   One such credit, the Employee Retention Credit, was included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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Delay of Payment of 2020 Employer Payroll Taxes

Posted on Tue, Apr 14, 2020

When Congress enacted the Coronavirus, Aid, Relief and Economic Security Act (CARES Act), the goal was to provide flexibility to businesses during an unprecedented time.  Section 2302 of the CARES Act seeks to provide flexibility by allowing businesses, and self-employed individuals, to defer payment of the “employer” portion of Social Security taxes.

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BREAKING NEWS - $2T COVID-19 Relief CARES Act Becomes Law

Posted on Fri, Mar 27, 2020

President Trump signed into law today H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (CARES Act).  This is the third major piece of legislation enacted in response to the COVID-19 pandemic since March 6, 2020.  The focus of the $2 trillion package is supporting American workers and businesses while providing resources to the health care community serving the public during this unprecedented time.

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Trump and House Agree to Extend Expired Tax Incentives

Posted on Tue, Dec 17, 2019

By: Eric R. Elmore

 

Amidst all the talk about impeachment and the hard-line partisan politics in Washington was a pearl of good news for the American taxpayer. Over the weekend, congressional leaders and the White House agreed to extend, through 2020, the group of tax provisions commonly known as "tax extenders." What does this mean for you?  Let’s take a look…

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Opportunity Zones - Six Pages of the TCJA Create a Tax-Savings Opportunity for Everyone

Posted on Wed, Sep 05, 2018

Chris Catarino, CPA, MT, and Steve Rossman, CPA, MT

 

Buried within the mound of legislation affectionately called the Tax Cuts and Jobs Act of 2017 are a measly six pages that create a massive tax-savings opportunity for America. Sections 1400Z-1 and 1400Z-2, so obscure they didn't even get their own section number and settled for the last letter of the alphabet as an identifier, define a completely new tax incentive for Qualified Opportunity Zones and Qualified Opportunity Funds, which until recently have garnered little attention.

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Tax & Business Tips for Women-Owned Businesses

Posted on Wed, Jul 26, 2017

By: Irina Moyseyenko, CPA, MT

 

According to the National Association of Women Business Owners (NAWBO), in 2015 women-owned businesses accounted for 31% of all privately held firms, employed 7.9 million people, and generated $1.5 trillion in sales. And, those numbers are growing. These women know being a business owner is a mix of joy, challenge, success, disappointment, and accomplishment.  In today’s blog, The Tax Warriors® discuss strategic moves and tax breaks to assist women entrepreneurs in building the business of their dreams.

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BREAKING NEWS: Supreme Court Upholds ObamaCare Tax Credits

Posted on Thu, Jun 25, 2015

 

In a 6-3 decision today, the Supreme Court held that the Affordable Care Act (“The Act”) authorized federal tax credits for eligible Americans living in states with their own exchanges and also in the 34 states with federal exchanges.  The ruling is a major win for the Obama administration.  For business owners, nothing changes but there are still many moving parts of the Act from both a compliance and planning perspective.

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PA Businesses Get Tax Breaks for Contributing to Scholarships

Posted on Mon, May 19, 2014

Funding for education is one of the key topics in Pennsylvania's hotly contested gubernatorial race. Ideas abound on how to fund the Commonwealth's schools without putting too much of the burden on taxpayers. There are, however, a few state programs already in place that provide tax incentives for contributions to public school scholarships. In this blog, The Tax Warriors® will discuss two such programs and how and when you can take advantage of them.

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NJ Gov. Gives Business Tax Breaks via The NJ Economic Opportunity Act

Posted on Thu, Oct 10, 2013

On October 9th, while the two US Senate candidates from New Jersey fiercely attacked each other in their final debate, the business of running the state continued in Trenton.  It’s an election year in New Jersey for a US Senate seat, the Governor’s office, the General Assembly and some Congressional seats.  This is usually the time that roads get paved, babies get kissed and pro-business legislation seems to get signed.  This year is no different.

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