Tax Deductions That Change Lives: End-of-Year Charitable Giving
As the 2022 tax year draws to a close and the holiday season is upon us, many people are feeling especially generous. The end of the year is the perfect time to support your favorite
Category: Taxes
A Brief History of Tax Day—and the U.S. Income Tax
Usually, the IRS demands we file our federal income taxes on April 15, but this year, Tax Day is Monday, April 18. Why? Because the IRS’ District of Columbia offices will be closed on Friday, April 15,
How Can Entertainers Save Money On Taxes?
An interesting thing happened in Hollywood during the pandemic. Many stars moved out of Los Angeles and migrated to states like Texas (such as radio personality Joe Rogan and the former Dawson’s Creek star James
When Gutting, Don’t Trash the Interior—Donate It to Charity for a Substantial Tax Break
Waste is a terrible thing. And it’s a serious issue when too many people in the building and construction industry don’t realize that when they gut a building, they just shouldn’t dump all the interior
What Employees Fringe Benefits Are Taxable?
It’s a topic that has been in the news lately. Exactly what constitutes taxable fringe benefits for employees?Which are perfectly legal perks, and which are to be avoided? First of all, what’s the definition of
What Business Owners Should Know About the Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) provides a federal incentive to encourage employers to hire and retain veterans and individuals from other targeted groups who have consistently faced significant barriers to employment. The maximum credit allowable is
Centralized Partnership Audit Regime
New Partnership Audit Rules New audit rules (centralized partnership audit regime) are now in place for all domestic and foreign partnerships for taxable years beginning after December 31, 2017. Partnerships and tax advisors should be
Tax Reform Changes Regarding Cost Segregation
At Engineered Tax Services, not only are we on top of the cost segregation industry from a technical engineering and accounting standpoint, but also from a legislative perspective as well. Recent tax reform has brought