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Articles: HKP

Maximize Your Savings with Energy Efficiency Federal Tax Credits & Incentives – One year after passage of the Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022 (IRA), signed on August 16, 2022, reallocates federal funds to prioritize carbon emission cuts, reduce healthcare costs, bolster the Internal Revenue Service, and enhance taxpayer compliance. *Note: Before we dive into the details, it’s important to clarify that this IRA is unrelated to Individual Retirement Accounts, to avoid confusion. … Continued

WA Capital Gains Tax Follow Up

As an update on the WA capital gains tax, on Friday March 24th, the Washington State Supreme Court has decided that the capital gains tax will be upheld, ruling it as an excise tax and legal in Washington State. This means that taxpayers with over $250,000 of capital gains in 2022 will be required to … Continued

Secure Act 2.0 of 2022

On December 23rd, Congress has passed one final spending bill. H.R. 2617, an Omnibus spending bill with bipartisan support in both chambers, will allow the government to continue to run through fiscal 2023 and included in this spending bill is the Secure 2.0 Act of 2022. President Biden signed the bill on December 29th, making … Continued

2022 Year-End Tax Planning Letter

Dear Clients and Friends, We are rapidly approaching the end of 2022, and as we have seen this past year nothing stands still in the economic and business landscape. This year we experienced historic inflation, dramatic swings in both the stock and the real estate markets, and growing recession concerns. Most everyone has felt the … Continued

General Tax Strategies for Business Owners

Special 100% Bonus Depreciation: Businesses are able to deduct 100% of the cost of new OR used business assets purchased and placed in service during 2022 so long as they have a useful life of 20 years or less. The 100% deduction is only available through the end of 2022 and is phased down to … Continued

General Tax Strategies for Individuals

Contribute to a Retirement Plan to Save Taxes You or your spouse must have earned income in order to contribute to a retirement plan. Taxpayers with modified AGI below certain thresholds are permitted to contribute up to $6,000 to a Roth IRA for 2022. (Taxpayers aged 50 or older are allowed an additional $1,000 contribution.) … Continued

2022 and 2023 Tax Thresholds

The 2022 U.S. income tax filing season is fast approaching and as result, individuals should now be looking at which tax planning opportunities are available to them to reduce their upcoming tax burden. With that in mind, we are supplying a listing of the income tax thresholds and tax brackets for the upcoming 2022 filing … Continued

General Tax Strategies for Business Owners 2021

Special 100 Percent Bonus Depreciation—Under the TCJA, businesses are able to deduct 100% of the cost of new OR used business assets purchased and placed in service beginning on September 27, 2017. if they have a useful life of 20 years or less. The 100% deduction is only available through 2022 and is phased down … Continued

General Tax Strategies for Individuals 2021

Timing of Income To the extent that you can smooth income and not jump into a higher bracket, you will pay less tax. Under the current tax rates and brackets, individuals will be in the 37% tax bracket when their income reaches $523,601 (single)/$628,301(joint). There is an advantage to timing your income if you are: … Continued

Seattle Jumpstart Tax

The city of Seattle has recently enacted a new Payroll Expense Tax: JumpStart Seattle (City Ordinance 126108), on wages being paid to Seattle employees. You may have already heard about this new tax. We wanted to share some of the key points. Overview: This tax was passed in July 2020 to generate revenue to help … Continued

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