The Health Care Savings Face-Off: HSA Vs FSA

Couple discussing paper documents getty Both HSAs and FSAs provide tax savings on health care costs. Depending on your personal and family needs, one might be better than the other in any given year. This decision can seem overwhelming for most of us. With a little understanding of how each account works and the strategies … Read more

IRS Has Guns, Inflation Reduction Act Will Unleash Tough IRS On Taxes

The Schumer-Manchin tax bill, the ‘Inflation Reduction Act’ which just passed the Senate, raises taxes and will give the IRS billions to go into what the Wall Street Journal called ‘beast mode.’ In all, the meant-to-be-inflation buster bill will dole out about $80 billion in IRS funding to increase enforcement. think big, really big. In … Read more

Senate Passes The Inflation Reduction Act

After a weekend vote-a-rama, the Senate passed the Inflation Reduction Act. On a partisan vote with a tie-breaking “aye” cast by Vice President Kamala Harris, the Inflation Reduction Act (IRA) is now on its way to the House. The bill is the largest single American investment to slow global warming, including $260 billion in environmental … Read more

Democrats’ Proposal Would Allow Auto Dealers To Claim Clean Vehicle Credits

The recently proposed Congressional Inflation Reduction Act of 2022 includes significant changes relating to electric vehicle credits. The proposal not only includes an extension of the electric vehicle credit, but also the phaseout of the credit for auto manufacturers making more than 200,000 electric vehicles is removed and income limitations for taxpayers claiming the credit … Read more

Saturday… in the Park… | Tax Policy Center

It wasn’t quite the Fourth of July… More like the sixth of August in the Senate. Senate Majority Leader Chuck Schumer announced yesterday that the Senate would vote tomorrow on beginning debate on the Inflation Reduction Act of 2022. If they vote to begin debate, lawmakers will have up to 20 hours to debate, then … Read more

The Cost of Fighting Climate Change: More Drilling

Last week’s surprise budget deal, which includes about $370 billion in measures to combat global climate change, was sealed with improved terms for US oil and gas exploitation. Subsidizing clean energy while promoting oil and gas drilling may be contradictory and inefficient, but it seems to be the only way the US can enact meaningful … Read more

What The IRS Funding In The Inflation Reduction Act Means For Taxpayers

Selective focus creates a three dimensional effect to the portrait by Gilbert Stuart. getty The race to pass the Inflation Reduction Act (HR 5376) is on, and while there’s plenty at stake for some corporate taxpayers, and those in the energy space in particular, the financial stakes are also high for the IRS. There is … Read more

Embryos With Heartbeat Qualify As Dependents On Georgia Taxes

Parents can traditionally claim their kids as dependents on their tax returns. You can’t claim your pets, although people have groused about that for years. Up until now, a person had to be born to qualify as a dependent, but in Georgia, taxpayers can now claim embryos as dependents, according to a Georgia Department of … Read more