News & Tips

Major Tax Sunset on the Horizon

Article Highlights: Estate and Gift Tax Personal Exemptions Standard Deductions Home Mortgage Interest Deduction Limitation on Tax Deductions (SALT) Suspension of Tier 2 Miscellaneous Itemized Deductions Suspension of the Limitation on Itemized Deductions Individual Tax Rates Child Tax Credit Special Rule for Certain Discharges of Student Loans Employer Payments of Student Loans Moving Expenses Bicycle Commuting Discharge of Indebtedness on Principal Residence Premium Assistance [...]

By Augustedge Staff|2024-02-05T18:25:03+00:00February 1, 2024|Taxes|Comments Off

Embracing Your Next Chapter: A Guide for Retirees Returning to Work

As you approach retirement age, the thought of returning to work might be on your mind. Whether you're considering part-time roles or fully immersing yourself back into the workforce, this article is designed to provide insights into the financial aspects of such a decision. We understand that your return to work is a unique journey, and our aim is to help you navigate the [...]

By Augustedge Staff|2024-01-03T23:24:05+00:00January 9, 2024|Financial Planning|Comments Off

Rolling the Dice: Unraveling Proposed Sports Betting Tax Cuts & Legislation

In a surprising move, an Ohio state senator, Senator Niraj Antani (Miamisburg), recently introduced Senate Bill 190 aimed at slashing the state tax rate on sports betting operators in half, potentially reducing tax revenues by tens of millions annually. Currently, a significant portion of this revenue is earmarked for K-12 education. Per Cleveland.com, the bill proposes a reduction in the gross receipts tax on [...]

By Augustedge Staff|2024-01-03T23:24:21+00:00January 8, 2024|Taxes|Comments Off

Coming Soon – Business Beneficial Ownership Reporting

Article Highlights Corporate Transparency Act (CTA) Financial Crimes Enforcement Network (FinCEN) Companies Required to Report Beneficial Ownership Information Who is a Beneficial Owner Filing Due Dates Penalties Updates Small Entity Compliance Guide How Does a Company File a BOI Report In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year [...]

By Augustedge Staff|2024-01-03T23:08:53+00:00January 5, 2024|Taxes|Comments Off

1099-K Reporting Threshold Last Minute Change

Article Highlights: 1099-K Reporting. Third-party Settlement Organizations. American Rescue Plan of 2021 Mandated Reporting Threshold. Delayed Implementation 2023 Threshold 2024 Planned Phase-in Threshold Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. Tax law, since [...]

By Augustedge Staff|2024-01-03T22:58:20+00:00January 4, 2024|Taxes|Comments Off

Clean Vehicle Credit Can Be Transferred to Dealer to Offset Purchase Price

Article Highlights: Special Transfer Option Does the Vehicle Qualify for Credit MSRP and Purchase Price Taxpayer Qualifications Modified AGI Applying for the Credit Transfer Change of Mind About the Credit Beginning in 2024, a special election allows a taxpayer purchasing a new clean vehicle or previously owned clean vehicle, to transfer the entirety of the allowable credit to an eligible (registered) dealer. The dealer [...]

By Augustedge Staff|2024-01-03T22:52:10+00:00January 3, 2024|Taxes|Comments Off

IRS Expands Requirement to E- File Information Returns Starting in 2024

Article Highlights: New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers IRS Portal Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, regardless of the type of return, for a tax [...]

By Augustedge Staff|2024-01-03T22:43:14+00:00January 2, 2024|Taxes|Comments Off

Kiddie Tax – What a Parent Needs to Know

Article Highlights: Who Is Subject to The Kiddie Tax Exceptions Kiddie Tax Rules Strategy Where the Child Has Earned Income Parents Election to Include Child’s Unearned Income on Their Return Strategy To Avoid Kiddie Tax The Kiddie Tax was introduced in 1986 to prevent high-income parents from shifting their investment income to their children, who typically fall into lower tax brackets. While the term [...]

By Augustedge Staff|2024-01-03T23:25:02+00:00December 13, 2023|Taxes|Comments Off

What You Need to Know about Gift & Estate Taxation

Article Highlights: Annual Gift Tax Exemption Gift Splitting Lifetime Estate Tax Exemption Education Exception Medical Exception Qualified Tuition Plan Contributions Spouse’s Unused Estate Tax Exclusion States With Estate Taxes Why Should You Be Concerned? Gift & Estate Tax Rates Gift and estate taxes are both part of the federal transfer tax system and are interconnected. Gift tax applies to transfers of wealth during a [...]

By Augustedge Staff|2024-01-03T23:24:46+00:00December 11, 2023|Taxes|Comments Off

Converting Personal Vehicles to Business Use: A Comprehensive Guide

As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it's crucial to understand the process and legal implications. Here's a step-by-step guide to help you navigate this transition. Step 1: Understand the Benefits Converting a personal vehicle to business use can provide several financial benefits. These [...]

By Augustedge Staff|2024-01-03T23:25:10+00:00December 8, 2023|Taxes|Comments Off

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