Implement these 2023 cost-of-living adjustments into your year-end tax planning

The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure…

The Social Security wage base is increasing for 2023

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social…

Inflation Reduction Act expands deductions for energy-efficient construction

Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant expansion and extension…

Senate Bill 246 allows pass-through entities to realize significant tax savings

Election at entity level allows for unrestricted federal deduction on Ohio taxes Matthew D. Maker, CPA, MT, Director, Barnes Wendling CPAs A.J. Volpe, Tax Specialist, Barnes Wendling CPAs With the passage in June of Ohio Senate Bill…

The Inflation Reduction Act includes wide-ranging tax provisions

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). The IRA includes significant provisions related to climate change, health care, and taxes. The IRA also addresses the federal budget deficit. According to…

Businesses: Act Now to Make the Most Out of Bonus Depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. Business owners should plan accordingly as first-year depreciation will begin to decline from…

Proposed Regulations for Inherited IRAs Bring Unwelcome Surprises

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but…

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