News & Tips - Augustedge, PLLC

What Does The Inflation Reduction Act Mean To You?

Article Highlights: Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and Increased Credit For Energy Efficient Home Modifications Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Credit For Qualified Commercial Clean Vehicles Research Credit On August 16, 2022, President Biden signed into law the [...]

By Augustedge Staff|2022-09-01T22:43:17+00:00September 1, 2022|Taxes|Comments Off

RMDs and IRA-to-Charity Distribution Provisions

Article Highlights Required Minimum Distributions Qualified Charitable Distribution QCD Benefits Fly In the Ointment Required Minimum Distributions Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are referred to as a required minimum distribution or RMD. The RMD amount is the value of the IRA account on the last day of the prior [...]

By Augustedge Staff|2022-08-04T19:12:22+00:00August 9, 2022|Uncategorized|Comments Off

Tax Benefits for People with Disabilities

Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Impairment-related Work Expenses Individuals with disabilities, as well as parents of disabled children, are eligible for several income tax benefits. This article explains some of these tax breaks. ABLE Accounts A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. [...]

By Augustedge Staff|2022-08-04T19:12:32+00:00August 8, 2022|Taxes|Comments Off

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