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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
Energy Jolts. Energy Credit is back. Effective for 2022 –2032 tax years. Part of Inflation Reduction Act of 2022. Requires product availability and affordability. Credit is 30% of purchase price for energy star certified windows, exterior doors, insulation, water heater, biomass stoves, furnace or boiler installed during the year. No credit for Energy Star roof … Energy Jolts, Inflation Bolts, Tax Hikes and Pending Legislation
This is the repackaged “Build Back Better Junior”, passed August 16, 2022 and WON’T reduce inflation. It’s smoke and mirrors. Little/short lived savings. Lot of Government spending and power grabs. If have time, the full text download is available here. It’s light reading– only 273 pages (Sarcasm). Summary of major provisions. Medical: Obamacare: Extends Medical … What’s in the Inflation Reduction Act of 2022?
Since the Build Back Better Act is stuck in the Senate 2022 tax year has a few changes (unless Congress intervenes) there will be: No Stimulus payments No Advanced Child Tax Credit Payments. Child Tax Credit reverts to $2,000 per child under age 17 Lower Earned Income Tax Credit No charitable Deduction on … 2022 Tax Year: (as of Jan 2022) Pearls and Pains