2023 General Tax Strategies for Individuals & Businesses

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 $6,500 to a Roth IRA for 2023, which will increase to $7,000 for 2024. (Taxpayers aged 50 or … Continued

2023 Year-End Tax Planning Letter

Dear Clients and Friends of HKP, As we approach the end of 2023, it’s important to reflect on significant changes in the tax landscape and prepare for the year ahead. This letter provides a summary of key updates in the Washington State tax environment and the broader Federal income tax changes. 2023 has been marked … Continued

2023 and 2024 Tax Thresholds

The 2023 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 2023 filing … Continued

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

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 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

The Consolidated Appropriations Act of 2021

The Consolidated Appropriations Act of 2021 (“CAA”) both enhanced and expanded the ability for taxpayers to receive the Employee Retention Credit (ERC) in 2021. As a result of the changes, we are providing this message to summarize what the credit is, whether you may be a qualified business for purposes of taking the credit, and … Continued

COVID-19 Relief Arrives: Provides stimulus, resolves expense deductibility on PPP & extends expiring tax benefits

The Consolidated Appropriations Act of 2021 (generally referred to as the “COVID-19 Relief Bill” or the “Act”) became law on December 27, 2020 upon President Trump’s signature. Amongst the over 5,500 page spending bill was some long-awaited but anticipated COVID-19 related stimulus relief and an extension of various key income tax provisions for the 2021 … Continued

Business Expenses: Accountable vs. nonaccountable reimbursement

Employees frequently incur expenses in the course of their employment. Some expenses may be reimbursed by the employer, while others may be the expense of the employees. The type of reimbursement plan administered by the employer is important for employees because it can have a significant impact on the employees’ tax liability. A business may … Continued

Affordable Care Act increases many employers’ regulatory burden

The shared responsibility requirements for employers under the Affordable Care Act, otherwise known as the employer mandate, are laden with paperwork and fines. The employer mandate starts, though, with the requirement to provide employees with affordable health coverage. Many employers are now required to file information returns with the IRS and provide statements to their … Continued

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