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Tax Reductions

Commonly Asked Tax Questions

Submitted by Desmond Wealth Management, Inc. on May 1st, 2023

Those dealing with income taxes only once a year when involved with their own personal tax return often have questions related to tax terminology. The following is a compilation of questions frequently asked by individuals:

 

What is Filing Status?

Tags:
  • Disaster Tax Relief
  • Gift Tax
  • Inheritance
  • Retirement
  • RMD
  • SALT (State and Local Taxes)
  • Tax Credit
  • Tax Deductions
  • Tax Law
  • Tax Reductions
  • tax return
  • Traditional IRA
  • Read more

Wow! You Can Now Get a Tax Credit For Buying a Used Electric Vehicle

Submitted by Desmond Wealth Management, Inc. on March 4th, 2023

2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit for purchasing a new electric vehicle, it does provide an incentive for lower-income taxpayers to acquire an electric vehicle.

Tags:
  • Tax Credit
  • Tax Law
  • Tax Reductions
  • tax return
  • Read more

Many Taxpayers Will See Smaller Refunds This Year

Submitted by Desmond Wealth Management, Inc. on March 2nd, 2023

Congress has for years used the tax return to provide benefits to taxpayers in need and incentives to stimulate business activities and address environmental issues. So when COVID-19 hit, Congress and many state governments provided tax benefits to help citizens through the pandemic.

Tags:
  • Tax Credit
  • Tax Law
  • Tax Reductions
  • tax return
  • Read more

Last-Minute Year-End Tax Strategies

Submitted by Desmond Wealth Management, Inc. on December 4th, 2022

The purpose of this article is to get the IRS to owe you money.

Of course, the IRS will not likely cut you a check for this money (although, in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes.

 

Tags:
  • 401(k)
  • Business
  • Charitable Giving
  • Children
  • Financial
  • investment
  • IRS Safe Harbor
  • Retirement
  • Roth IRA
  • Tax Deductions
  • Tax Planning
  • Tax Reductions
  • tax return
  • Year-End
  • Read more

Six Financial Best Practices for Year-End 2022

Submitted by Desmond Wealth Management, Inc. on November 22nd, 2022

To say the least, there’s been plenty of political, financial, and economic activity this year — from rising interest rates to elevated inflation, to ongoing market turmoil.

Tags:
  • Financial
  • HSA (Healthcare Savings Account)
  • I Bonds
  • Inflation
  • Interest Rates
  • investment
  • Savings
  • Tax Planning
  • Tax Reductions
  • Tax-Loss Harvesting
  • Year-End
  • Read more

Managing Gains and Losses in a Turbulent Year   

Submitted by Desmond Wealth Management, Inc. on November 15th, 2022

It's been a rough Fall for the stock market - so much so that you should probably carefully review your portfolio and other capital transactions to minimize gains or maximize losses for the year. Remember, capital gains and losses are not just limited to stock transactions. For example, stock losses can offset the gain from the sale of a rental.

Tags:
  • Financial
  • investment
  • Roth IRA
  • Tax Planning
  • Tax Reductions
  • Year-End
  • Read more

Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds

Submitted by Desmond Wealth Management, Inc. on September 21st, 2022

Inflation is seldom a good thing, but when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can buy bonds that pay 9.62 percent interest — tax-deferred — with no downside risk, and with no state or local income taxes when you cash them in.

Tags:
  • I Bonds
  • Inflation
  • investment
  • Portfolio goals
  • Tax Reductions
  • Read more

What Does The Inflation Reduction Act Mean To You?

Submitted by Desmond Wealth Management, Inc. on August 28th, 2022

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act.

Tags:
  • Tax Credit
  • Tax Deductions
  • Tax Law
  • Tax Reductions
  • Read more

Claim Your 2020 and 2021 ERC Now (Yes, in 2022)

Submitted by Desmond Wealth Management, Inc. on August 17th, 2022

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic.

With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000.

Tags:
  • Business
  • Business Tax Law
  • COVID-19
  • Financial
  • Tax Credit
  • Tax Reductions
  • Read more

Sun Setting on Home Solar Power Tax Credits

Submitted by Desmond Wealth Management, Inc. on July 19th, 2022

 

If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be available after 2023.

Tags:
  • Tax Credit
  • Tax Reductions
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