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So far bluefish has created 16 blog entries.

Considering installing energy efficient property in your residence?

2021-11-29T14:44:17-05:00

Are you considering adding an alternative energy system in your home? If so, the Residential Energy Efficient Property Credit provides for a lucrative federal tax credit to help offset some of the cost. Qualified energy saving property eligible for the credit include the following: Qualified solar electric energy Qualified solar water heating property (excluding swimming [...]

Considering installing energy efficient property in your residence?2021-11-29T14:44:17-05:00

Changed Jobs? Don’t forget your 401(k) account!

2021-11-03T09:42:01-04:00

Have you changed jobs recently? If so, chances are you have a retirement account with your former employer and you now have an important financial decision to make regarding this account. Let’s explore your options: Keep your money in your former employer’s 401(k) plan If your account balance is at least $5,000 you have the [...]

Changed Jobs? Don’t forget your 401(k) account!2021-11-03T09:42:01-04:00

Stock traders be aware of the wash sale rules

2021-09-22T08:48:30-04:00

If you are considering selling stock at a loss to offset gains that you have realized during the year, it is important not to run afoul of the "wash sale" rule. Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within a 30-day period [...]

Stock traders be aware of the wash sale rules2021-09-22T08:48:30-04:00

Employee Retention Tax Credits for Recovery Startup Businesses are Now Available

2021-08-18T09:10:59-04:00

The American Rescue Plan Act of 2021 added the Recovery Startup Provision to the employee retention tax credit ("ERTC") to allow recovery startup businesses to qualify for the ERTC. A recovery startup business for purposes of the Recovery Startup Provision is defined as a business who: Began operations after February 15, 2020 and Average annual [...]

Employee Retention Tax Credits for Recovery Startup Businesses are Now Available2021-08-18T09:10:59-04:00

What is a 529 College Savings Plan?

2021-07-30T11:39:47-04:00

A 529 College Savings Plan is a plan operated by a state or educational institution named after Section 529 of the Internal Revenue Code. 529 Plans have certain tax advantages that make it beneficial to save for college and other qualifying education expenses for a designated beneficiary, such as a child or grandchild. What are [...]

What is a 529 College Savings Plan?2021-07-30T11:39:47-04:00

Considering hiring your child for the summer?

2021-06-17T08:49:26-04:00

Attention business owners- hiring your child as an employee this summer might be a smart tax strategy. In most cases, this results in tax savings to the business owner and little to no tax to the child. Some Rules: The child must legitimately be an employee of the business and perform the services. Your child [...]

Considering hiring your child for the summer?2021-06-17T08:49:26-04:00

The new 100% deductible meals expense

2021-05-26T08:26:31-04:00

Included within the Consolidated Appropriations Act, 2021, (CAA) was one important change, the temporary 100% meal deduction. Starting on January 1, 2021, through December 31, 2022, a business may claim as a deduction 100% of food or beverage expenses paid to restaurants. The provision requires that the business owner or an employee of the business [...]

The new 100% deductible meals expense2021-05-26T08:26:31-04:00

Can I apply the medical expense tax deduction to my return?

2021-01-29T13:27:22-05:00

We get this question a lot at ClarkSilva. Luckily, it’s one of the few tax inquiries that are easy to explain! Short answer: yes, you can potentially deduct medical expenses such as prescription drugs on your federal tax return. That said, it can be hard to qualify for this rule, but with proper planning, you [...]

Can I apply the medical expense tax deduction to my return?2021-01-29T13:27:22-05:00

How much could you save with the Federal Tax Paid on Fuels credit?

2021-01-29T13:13:28-05:00

When you buy gas at the pump you are paying a fuel tax to the federal government that they use to maintain highways and roads. But what if the fuel you are purchasing is actually for off-road use? Answer: You can request a credit for the fuel tax paid on your federal income tax return. [...]

How much could you save with the Federal Tax Paid on Fuels credit?2021-01-29T13:13:28-05:00
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