TAXPAYER RESOURCES

With tax laws changing every year, completing your returns can be confusing and frustrating.

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Tax news and updates for individuals, families, and entrepreneurs

Our team of tax experts has the solutions to make your next filing a little easier — and that insight is just a click away. Browse our archive of tax-related posts below, and click the button to sign up for our newsletter and updates.

Make the most of your employer’s 401(k) plan

Oct 31, 2023

Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.

Offset nursing home costs with potential tax breaks

Oct 29, 2023

Finding nursing home care for an elderly parent can be stressful and emotional even before finances come into the picture. But when that time comes, it might help to remember a few tax breaks that can help ease the financial strain.

Social Security tax base grows for 2024

Oct 21, 2023

The earnings cutoff to determine who pays Social Security tax will expand by more than $8,000 next year.

FASB finalizes joint venture standard

Oct 9, 2023

New guidance will require that a joint venture must initially measure its assets and liabilities at fair value on the formation date.

Business expense rules can be confusing

Oct 6, 2023

It’s common practice to deduct business expenses on tax returns. But to be deductible, expenses must be ordinary, necessary, and reasonable. Here are the rules.

The NIIT impact can be minimized with planning.

Planning for net investment income taxes

Oct 2, 2023

Higher-income taxpayers can face the additional net investment income tax if gross income totals reach certain six-figure levels. It’s important to know how the tax is calculated and planning strategies that can soften the tax hit.

Why related-party arrangements matter

Sep 22, 2023

Identifying related parties is just one of many parts that go into preparing financial statements. Here’s why they matter, why auditors give them scrutiny, and how to avoid the risks that often accompany them.

IRA packs incentives for healthcare industry

Sep 22, 2023

Healthcare organizations have significant financial incentives to capitalize on tax credits available from the IRA when investing in clean energy assets.

Is an HSA best for your financial health?

Sep 20, 2023

Many companies offer health savings accounts to their employees. You might also be able to open one of these tax-saving accounts through certain banks and other financial institutions. Here are the basic rules.

"We saved one client $700,000 using R&D credits — credits that the company’s previous CPA told them they were not eligble to claim. We stay on top of the latest tax laws to help clients reduce their taxes.”

Mark Patterson, KraftCPAs Tax Services

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