News & Tips - Augustedge, PLLC

IRS Announced a Novel Way for Taxpayers to Donate to Maui Wildfire Relief

Article Highlights: Donating unused vacation time, sick leave and personal time Employer’s Function Great Donation Opportunity As they have done before in the wake of disasters, including Hurricane Katrina, Superstorm Sandy, COVD-19, and Ukrainian relief, the Internal Revenue Service is allowing special contributions for Maui wildfire relief. It permits employees to donate their unused paid vacation, sick leave, and personal leave time to charities [...]

By Augustedge Staff|2023-11-01T20:55:52+00:00November 3, 2023|Resources|Comments Off

Flash – IRS Provides Employers Way to Withdraw Dubious ERC Claims

Article Highlights: Prior ERC Scam Warnings What is the ERC? IRS Shifting Focus Latest Guidance for Withdrawing a Claim Who Can Withdraw a Claim Under the New Procedure Procedure for Withdrawing a Claim Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) [...]

By Augustedge Staff|2023-11-01T20:52:03+00:00November 2, 2023|Taxes|Comments Off

Home Energy Audit Tax Benefits

Article Highlights: Home Energy Improvements & Tax Credits Home Energy Audit Annual Credit Limit Non-Refundable Credit Improvement Category Limits $1,200 Annual Credit limit Improvements $2,000 Annual Credit limit Improvements Energy Property Qualifications Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on [...]

By Augustedge Staff|2023-11-01T20:46:40+00:00November 1, 2023|Taxes|Comments Off

Electric Vehicle Charging Taxes: A State-By-State Overview

The electric vehicle (EV) and hydrogen electric vehicle (HEV) revolution is well underway, with an increasing number of drivers switching to eco-friendly options every day. However, as EVs and HEVs become more common, states are implementing taxes and regulations on charging stations, potentially affecting drivers’ and businesses’ finances. In this brief guide, we'll explore how different states are handling EV and HEV charging taxes, [...]

By Augustedge Staff|2023-10-02T23:00:51+00:00October 10, 2023|Taxes|Comments Off

How Do You Qualify for Innocent Spouse Relief from IRS Tax Problems?

Few financial events are worse than a big tax bill with penalties from the IRS. If you are a spouse and you were unaware of potential errors or underreporting on your tax return, you may be eligible for innocent spouse relief. To qualify for innocent spouse relief, you must meet all three of the following conditions: You and your spouse filed jointly, and your [...]

By Augustedge Staff|2023-10-02T22:52:55+00:00October 9, 2023|Taxes|Comments Off

New Business Start-up Costs

Article Highlights Starting a Business What Expenses Qualify as Start-up and Organizational Costs Tax Treatment of Start-up and Organizational Costs Common Start-up and Organizational Costs Summary Starting a business can seem daunting to the prospective entrepreneur. A step-by-step plan to get started can alleviate some of the angst. The cost of getting started is one of the first considerations. These costs can be identified [...]

By Augustedge Staff|2023-10-02T22:48:28+00:00October 6, 2023|Business|Comments Off

Made a Mistake on Your Tax Return – What Happens Now?

Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Common Family Tax Mistakes Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and the paperwork required to file proper tax returns is often convoluted. This is especially true if you're filing your taxes [...]

By Augustedge Staff|2023-10-02T22:40:58+00:00October 5, 2023|Taxes|Comments Off

Business Succession Planning

Article Highlights The Importance of Business Succession Planning The Main Issues The People Aspect The Money Aspect Cross-Purchase Agreements Entity-Purchase Agreements Sales, Gifts, and Inheritances Summary The Importance of Business Succession Planning Every business — large and small — needs a business succession plan. Just like Warren Buffett and Jeff Bezos prepared for the day that they would step away from the C-suite, every [...]

By Augustedge Staff|2023-10-02T22:32:28+00:00October 4, 2023|Business|Comments Off

Using the Home Sale Gain Exclusion for More than Just Your Home

Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let's assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper and flipping it. With careful planning, it is possible [...]

By Augustedge Staff|2023-10-02T22:27:55+00:00October 3, 2023|Taxes|Comments Off

The Future of U.S. Tax Policy: Key Issues For 2024 Presidential Candidates

The early Presidential debates for the 2024 election cycle have begun, and one topic that's expected to take center stage is the future of the U.S. tax code. Tax policy questions loom large, and the 46th person to serve as United States President – remember, Grover Cleveland was elected twice, non-consecutively – will have to grapple with some major tax issues. Foremost among these [...]

By Augustedge Staff|2023-10-02T22:19:22+00:00October 2, 2023|Taxes|Comments Off

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Augustedge, PLLC
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Augustedge, PLLC Wenatchee Satellite Office

Augustedge, PLLC Insurance Virtual Office

Augustedge, PLLC
Wenatchee Satellite Office

Augustedge, PLLC
Insurance Virtual Office