Affinity Group CPAs & Consultants

05/16/2023

Proud to be a WSCPA Peak Firm!

03/27/2023

The Washington State Supreme Court upheld the state’s new Capital Gains Tax, which had been challenged as unconstitutional in lower courts.

The Washington State Supreme Court upheld the state’s new Capital Gains Tax

03/26/2023

https://affinitygroupcpa.com/tax-cuts-and-jobs-act/

The 2017 Tax Cuts and Jobs Act included tax law changes that took effect over multiple years.

11/29/2022

For tax purposes, the IRS treats virtual currency as property rather than currency. Sales or exchanges of property create capital gains and losses. This can lead to complex tax reporting!

https://bit.ly/3OLR8Ml

The IRS treats virtual currency as property rather than currency. Sales or exchanges of property create capital gains and losses. This can lead to complex cryptocurrency reporting

11/17/2022

Businesses may provide tax-free benefits to employees that don’t cost them much or anything. For example, two benefits that employees generally can exclude from income are: 1) A no-additional-cost benefit, which involves a service that doesn’t impose any substantial additional cost on an employer. For example, a hotel might allow employees to stay in vacant rooms. 2) A de minimis fringe benefit, which includes property or services provided infrequently by an employer with a value so small that accounting for it is unreasonable or administratively impracticable. An example is the personal use of a copier. Keep in mind the rules for tax-free benefits are strict. Contact us with questions. https://bit.ly/3TCDbBi

10/25/2022

Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant expansion and extension of two tax deductions for energy-efficient construction. The changes to the Section 179D deduction for commercial buildings and the Section 45L credit for residential homes increase their potential value and make them available to more taxpayers than ever before.

More information here:
https://bit.ly/3f1ttKF

© 2022

The recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with deductions for energy-efficient construction.

10/21/2022

The Inflation Reduction Act (IRA), which was signed into law recently, contains, extends and modifies many climate and energy-related tax credits. For example, there’s a credit for a percentage of certain expenses for nonbusiness energy-saving property placed in service before Jan. 1, 2033. The credit is further increased for amounts spent for a home energy audit (up to $150). In addition, the IRA repeals the lifetime credit limitation, and instead limits the credit to $1,200 per taxpayer, per year. There are also annual limits for certain types of property. Contact us if you have questions about taking advantage of this or other tax credits in the IRA.

For more information please click here https://bit.ly/3VOwZZ7

10/17/2022

You may have to make estimated payments if you receive interest, dividends, self-employment income, capital gains or other income. If you don’t pay enough tax during the year through withholding and estimated payments, you may be liable for a tax penalty on top of the tax that’s due.

for more information click here: https://bit.ly/3D4DNur

10/05/2022

Many small businesses are in need of new employees and may get creative in their hiring. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.

More information here//bit.ly/3C3WA7u

09/23/2022

It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2022 tax filing deadlines.
https://bit.ly/3sD8ZvF

09/09/2022

Electric vehicle (EV) sales have increased in 2022, even though they’re still a small percentage of the market. If you buy one, you may be eligible for a federal tax break. There’s a credit to purchasers of qualifying plug-in EVs including passenger cars and light trucks. The credit is equal to $2,500 plus an additional amount, based on battery capacity, that can’t exceed $5,000. Therefore, the maximum credit is $7,500. There are a number of requirements to qualify and the credit may not be available because of a per-manufacturer cumulative sales limit. (Tesla and GM vehicles are no longer eligible and the credit for Toyota EVs has begun to phase out.) Contact us for more information.https://bit.ly/3qnTqGl

08/24/2022

Finished a great tour of Labour Temple today! The perfect location for those forward thinking companies looking for designer office space that combines historic elegance with functional design and next level location. I encourage you to check it out, contact the team at FAUL LLC.