Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption expenses” for each child. This will increase to $15,950 in 2023. That’s a dollar-for-dollar reduction of tax. Also, adoptive parents…
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Recent Posts by janrogers
Reinforce your Cybersecurity Defenses Regularly
If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures you take to protect your company from hackers and malware need to be updated and reinforced…
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How inflation will affect your 2022 and 2023 tax bills
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s inflation-adjusted tax amounts for several provisions. Some highlights Standard deduction. What…
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Supplementing your company’s health care plan with an EBHRA
Is your business ready to take its health care benefits to the next level? One way to do so is to supplement group health coverage with an Excepted Benefit Health Reimbursement Arrangement (EBHRA). Here are some pertinent details. Rules to follow Under a traditional HRA, the employer owns and funds the tax-advantaged account up to…
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