California cuts inflation relief checks

We all see on the news these days stories of rising prices. When it comes to gasoline, California is often singled out as having some of the highest prices in the nation. After weeks of talks between California Governor Gavin Newsom and California legislative leaders, on June 30 Newsom signed a tax relief package that …

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Tax matters when selling a home

With the real estate market still so hot, you might be tempted to cash in. If you do, consider the following tax matters when selling a home. Don’t miss: Arizona’s alternative tax Principal residence exclusion You may qualify to exclude from income all or part of any gain from the sale of your home (“principal …

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First-time home buyer? Talk to your CPA.

Buying a home can be a stressful process, especially if it is your first time. In a normal market, the administrative, legal, and financial requirements are enough to overwhelm even the most prepared home buyers. And as we all know, the real-estate market has been anything but normal lately. This has further increased the financial …

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Social Security offices reopen to the public

In another sign that the pandemic is receding, and life is returning to normal, Social Security Administration (SSA) offices reopened to the public in early April. During the height of the pandemic offices were closed and services could only be accessed online or by phone. Here’s what to expect when Social Security offices reopen. Don’t …

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Tax recovery for repayment of signing bonus

We are in unprecedented times and not entirely sure how we got here, but the job market is ‘hot’ ???? ???? ????!!! You may have heard or been a part of it or still are, but the Great Resignation is upon us, and it does not seem to be slowing down. As I write this …

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Tax implications of the Infrastructure Act

Last November congress passed the Infrastructure Investment and Jobs Act (IIJA). You may also know IIJA as the bipartisan Infrastructure bill. The bill focuses on infrastructure projects across the country including repairs and replacement of outdated bridges, water and power infrastructure, roads, railways, access to clean drinking water, access to high-speed internet, cleaning up the …

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2021 inflation adjustment for depreciation on cars and trucks is in

Each year, the Internal Revenue Service makes inflation adjustments for the allowable amount of depreciation that can be taken on cars and trucks. The IRS has just released the updated inflation adjustment for depreciation amounts for 2021. Don’t miss: Fuzzy math gives IRS Math Error Authority Passenger vehicles placed into service in 2021 that were …

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Are nonfungible tokens the new Bitcoin?

Fungibility is the ability of an asset to be easily and readily interchanged for another like its kind. A $5 bill is fungible, whereas an owned home or a car is nonfungible. Due to the asset’s inability to be interchanged, it makes it one-of-a-kind, or unique. So, what are nonfungible tokens? Don’t miss: QR codes …

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What you should know about the 2021 child tax credit

The American Rescue Plan passed by Congress in March of 2021 included important changes to the child tax credit. Prior to its passage, the child tax credit was $2,000 per qualifying child with up to $1,400 available as a refundable credit. In 2021, the credit has been increased to $3,000 per qualifying child between the …

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Free eBook offers details on COVID economic resources

Looking for all finance related COVID-19 information? Since the onset of the pandemic, multiple aid packages, legislation, guidance, deadlines, caps and more have been issued, changed or suspended. It’s enough to make your head spin. Henry+Horne has stayed on top of the changes so you don’t have to and we’ve compiled it all into a …

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