BA Harris named Best Accounting Firm in the IBR's 2023 Reader Rankings
We are very excited to announce we were named the Best Accounting Firm in the Idaho Business Review’s 2023 Reader Rankings! We appreciate every one of you who took the time to vote for us. We are committed to continue providing our clients with outstanding service. Congratulations to our team and the work they put in every day to make our firm what it is. We are very proud of this accomplishment.
Read POSTCorporate Transparency Act: New Federal Law to Require Information Reporting for Most Small and Medium Size Businesses
There is a new law out, not yet brought to the public’s widespread attention, that will impact most businesses. The implementation rules are still being developed and we’ll keep you up to date as the forms are published. We expect for the law to become effective in 2022 and recommend that companies start gathering the data now to timely report when this happens. Here is what we know so far.
Read POSTIdaho Employers Can Receive Tax Credit for Contributions to Their Employees' 529 Plans
For parents, saving for a child's education is often a major priority and many choose to save for the future costs of education through tax-advantaged 529 plans. And as the cost of higher education rises, employers looking to attract and retain a talented workforce might consider offering contributions to their employees' 529 plans as an employment benefit. Not only can they help employees reach their education savings goals, but employers are also eligible for a 20 percent annual tax credit of up to $500 per employee when they contribute directly to an employee's Idaho College Savings Program account.
Read POSTFirst-time Homebuyers Tax Incentives
There are several potential tax benefits of purchasing a home. The most well-known perks are deducting property tax, mortgage interest, and mortgage insurance premiums when itemizing deductions, and gain exclusion ($250,000 single filers, $500,000 married filers) when you sell your home, if certain requirements are met. However, as a first-time home buyer, it may seem impossible to buy in today’s overwhelming market. Before those real estate listings scare you away from buying, there are some additional tax incentives to consider.
Read POST$10,000 State and Local Tax Limitation Workaround for Idaho Pass-through Entity Owners
Since its inception in 2017, a major point of contention with the Tax Cuts and Jobs Act has been its limitation of the deduction for state and local taxes on individual returns to $10,000. This limitation, which includes state and local income taxes, real property taxes, and personal property taxes, has resulted in a number of taxpayer’s losing out on federal tax deductions they had previously been afforded, while others have been barred from itemizing on their returns altogether.
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