modified adjusted gross income Archives

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

Feature Article

Tax Credit Bonanza: Benefits in the Inflation Reduction Act

The Inflation Reduction Act (IRA) of 2022 uses dozens of tax credits to move the United States towards energy efficiency and clean energy development. Five of these credits will be essential to know for client tax planning and advi... Thomas Gorczynski, EA, USTCP

Jan/Feb 2023, Feature Article, §45W, renewable electricity production credit, §30D, §4053(8), energy investment credit, Notice 2016-51, §25C, carbon oxide sequestration credit, clean vehicle credit, residential clean energy credit, second generation biofuel credit, Clean Air Act, §25D, sustainable aviation fuel credit, §30B(b)(3), §48E, IRA, clean hydrogen production credit, §30D(d)(1)), §45Z, modified adjusted gross income, manufacturer’s suggested retail price, §45Y, MAGI, MSRP, clean fuel production credit, electric vehicle, §25E, clean electricity investment credit, Inflation Reduction Act, §38, clean electricity production credit

Should Circular 230 More Widely Permit Contingent Fees?

Feature Article

Should Circular 230 More Widely Permit Contingent Fees?

Editor’s note: Fees are a hot topic currently in the tax industry since there is high demand for our services but limited capacity in our firms. Circular 230 does cont... Jeremy Wells, EA, CPA, and Sarah Moessinger, EA

Sept/Oct 2022, Feature Article, Form 1099-NEC, Zelle, Schedule C, Cash App, earned income tax credit, §10.27, EITC, R&D tax credit, Schedule E, modified adjusted gross income, MAGI, Form 1099-K, business, contingent fee, fraud, Venmo

The Desirable (Yet Complex) Real Estate Professional Classification

Feature Article

The Desirable (Yet Complex) Real Estate Professional Classification

Being a real estate professional has its tax advantages, And the average landlord does not want to pass it up. But misusing the classification can unravel expected tax consequences. Investing in rental real estate can be a l... Thomas J. Williams, EA, and Iris K. Palma, JD

Mar/Apr 2021, Feature Article, landlord, modified adjusted gross income, business, MAGI, professional, participation, rental, personal service, trade, nonpassive, Tax Court, activity, property, Schedule E, real estate