If you are purchasing a clean energy vehicle, you may be eligible for income tax credit. If you are purchasing a clean vehicle after 2023, watch this video for more details: If you are purchasing a clean vehicle before 2023, watch this video for more details: If you are purchasing a used clean vehicle, watch… Read More

Governor Holcomb signed Indiana Senate Bill 2: Taxation of Pass-Through Entities Senate Bill provides pass-through entities (PTEs) (s-corp and 1065 returns) an election to pay Indiana income tax at the entity level based in an individual owner’s share of income.  The election creates a tax credit for the individuals/owner(s) which will offset the individual’s personal… Read More

IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles The Internal Revenue Service today released frequently asked questions (FAQs) about clean vehicle credits for new, previously owned and commercial clean vehicles in Fact Sheet (FS-2022-42). The Inflation Reduction Act of 2022 (IRA) makes several changes to the… Read More

Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return… Read More

During the holiday season, taxpayers should be aware of gift card scams thieves commonly use this time of year. Con artists will target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends, family or… Read More

If older than 70.5, make Qualified IRA Charitable Distributions Utilize RMDs to pay quarterly estimates Transfer IRA portion to qualified longevity annuity Waive 60 day rollover penalty through broker statement Utilize Roth IRA for aggressive investments Utilize backdoor Roth for higher income Americans Utilize stock distribution tool of RMD Make IRA contributions late in life… Read More

Student Loan Forgiveness & Taxes With the recent student loan forgiveness announcement, many borrowers have been left confused or even unaware of their tax obligation for the coming tax year. Here is a list of common tax-related questions surrounding student debt relief. Is student debt forgiveness taxable? For the most part, no. The American Rescue… Read More

Seniors can reduce their tax burden by donating to charity through their IRA In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but there are some exceptions. A qualified charitable distribution is one of the few exceptions. A QCD is a nontaxable distribution made… Read More