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Tax and Accounting Newsletter

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Proposed federal budget includes noteworthy tax changes

Mar 15, 2023

President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for both individuals and businesses.

Eight ways to insulate your construction company against rising costs

Feb 27, 2023

Higher costs for labor and materials are still putting a chill on profitability for many construction companies. These eight steps might seem simple, but overlooking just one could cost you money.

Buying a business vehicle? A heavy SUV is a tax-smart option

Buying a business vehicle? A heavy SUV is a tax-smart option

Feb 24, 2023

Purchasing a heavy SUV could provide a more generous tax break than a smaller vehicle for business owners.

There still may be time to make an IRA contribution for 2022

There still may be time to make an IRA contribution for 2022

Feb 21, 2023

If you want to help ensure your financial security in retirement, saving now is one of the best moves you can make. You might even have time to contribute to an IRA or SEP and save on your 2022 tax return.

Even as the rules change, the child tax credit is a valuable way for parents to save money.

Child tax credit rules keep changing, but it’s still valuable

Feb 20, 2023

If you’re a parent, you know that raising a family is expensive. Fortunately, there’s a federal child tax credit that can help you with the expenses if you know the latest rules.

Tax legislation faces uncertainty in divided Congress

Feb 17, 2023

With Republicans and Democrats splitting control of Congress after the midterm election, prospective tax legislation faces an uncertain path.

Retirement plan early withdrawals: Meet the requirements to avoid a penalty

Jan 31, 2023

Breaking into a retirement plan before age 59½ may result in a penalty tax. But there are exceptions. Here are the rules, along with what happened to one taxpayer who tried to avoid the penalty because he had diabetes.

Many tax limits affecting businesses have increased for 2023

Jan 30, 2023

Higher inflation has led to increased adjustments to certain tax provisions. Here’s how much your employees can contribute to a 401(k) and an HSA this year, as well as other important business tax amounts.

R&D credit can have big impact for small businesses

Jan 16, 2023

Every business can be an innovator. The research tax credit is a way to reward that innovation, and it comes with an intriguing feature related to payroll taxes.

International Resources with a Small-Town Client Service Style

"We saved one client $700,000 using R&D credits — credits that the company’s previous CPA told them they were not eligble to claim. We pride ourselves on staying on top of the ever-changing tax laws to help clients identify new areas to reduce their taxes.”

Mark Patterson, KraftCPAs Tax Services

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