AGI Archives | EA Journal

Preparation

Key Considerations for Enrolled Agents in the Upcoming Tax Season

The Tax Cuts and Jobs Act (TCJA) of 2017 brought substantial changes to individual income taxes, but many of these provisions are scheduled to expire at the end of 2025. As tax practitioner... Stephen Molchan, EA

Winter 2023, Preparation, limited liability company, LLC, sole proprietor, adjusted gross income, AGI, required minimum distribution, TCJA, RMD, Tax Cuts and Jobs Act, capital gains, s corporation, c corporation, §199A, SECURE Act 2.0, partnership, Alternative minimum tax, ROTH IRA

Feature Article

2023 Energy Credits Updates and Planning

Changes made in the Inflation Reduction Act (IRA) of 2022 have created new planning opportunities for tax professionals and their clients. As enrolled agents (EAs), we need to be aware of these changes in order to better s... Patrick Knightly, EA

Winter 2023, Feature Article, residential clean energy credit, IECC, §25D, Form 8908, Form 3800, s corporation, Form 5695, Schedule K, IRA, retirement savings contribution credit, Form 8978, elderly, child tax credit, disabled, adjusted gross income, mortgage interest credit, AGI, first-time homebuyers’ credit, Inflation Reduction Act, ENERGY STAR®, §25C, International Energy Conservation Code

Health Savings Accounts: An Often-Overlooked Tax Savings

Feature Article

Health Savings Accounts: An Often-Overlooked Tax Savings

For certain taxpayers, such as high-income employees, it is challenging to find ways to reduce federal tax liabilities proactively. Since high-income employees often have sufficient cash to fund out-of-pocket medical expe... Thomas Gorczynski, EA, USTCP

July/Aug 2022, Feature Article, HDHP, High-deductible health plan, self-employed, Schedule A, healthcare, §36B, wealth, IRA, health savings account, adjusted gross income, AGI, HSA

Things You Need to Know for Tax Year 2021

Tax News Briefs

Things You Need to Know for Tax Year 2021

Advanced Payments of Child Tax Credit to Begin July 15 The Internal Revenue Service (IRS) has announced that the first monthly payment of the expanded and newly advanceable child tax credit from the American Rescue Plan will b... TheTaxBook

July/Aug 2021, Tax News Briefs, 50-percent limitation, §119, advanced, de minimis, dependent care assistance program, American Rescue Plan Act, DCAP, Consolidated Appropriations Act, flexible spending arrangement, child tax credit, FSA, Notice 2021-15, adjusted gross income, Notice 2021-26, AGI, §274(n)(2)(D), §274, 100-percent deduction, §132(e)(2)