You can take a tax credit equal to 30% of qualified expenses. The maximum credit each year for qualified energy efficiency improvements, residential energy property expenses and home energy audits is $1,200. In addition, a $2,000 maximum credit per year can be claimed for qualified heat pumps and biomass stoves or boilers. Improvements must be …
Currently businesses are allowed to subtract from their Federal Adjusted Gross Income a percentage of their business income when determining their Missouri Adjusted Gross Income for Missouri individual income tax purposes. The business income subject to this subtraction is income reported as total combined profit on the IRS Schedule C, Partnership and S Corporations income …
GREAT NEWS – Business Income Deduction Expanded to Include Farm Income (HB 202 & SB 138) Read More »
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers until December 31, 2025 for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment. Targeted groups under section 51 of the Code: In general, the WOTC is equal to 40% of up to $6,000 of wages paid …
The Internal Revenue Service recently posted a new release which reminded eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The IRS posted Notice 2023-67 listing the applicable areas, a …
IRS Extends Drought Relief to Farmers and Ranchers in 49 States, 2 Territories Read More »
https://www.irs.gov/newsroom/avoiding-identity-theft-scammers-posing-as-the-irs
The Internal Revenue Service today reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loan obligations for their employees. Traditionally, educational assistance programs have been used to pay for books, equipment, supplies, fees, tuition and other education expenses for the employee. These programs …
The Employee Retention Credit (ERC) has been a highly discussed government credit over the last couple of years and has been the source of many solicitations offering assistance in acquiring large tax credits. Please be aware the ERC is currently the largest federal tax scam being used by these third-parties. If it sounds too good …
Hiring your children for work in your sole proprietorship are tax deductible if handled correctly, here are the rules on employment taxes. Generally, payments made for services rendered to a child by a parent’s business are subject to income tax withholding. But these payments may or may not be subject to employment taxes depending on …
Employment Tax Considerations When Hiring Children Read More »
Please click the link to view the Home Energy Tax Credit information publication. https://www.irs.gov/pub/irs-pdf/p5797.pdf
The Work Opportunity Tax Credit, or WOTC, is a general business credit that is available for wages paid to certain individuals who begin work on or before December 31, 2025. The WOTC may be claimed by any employer that hires and pays or incurs wages to certain individuals who are certified by a designated local …