The Inflation Reduction Act included a number of items for businesses, but what about individual taxpayers? Overall, the Inflation Reduction Act included a number of credit updates and other extensions that affect individuals.
Category: Real Estate
President Joe Biden signed the budget reconciliation bill H.R. 5376 into law Tuesday, August 16, 2022. Better known as the Inflation Reduction Act, the bill includes a number of tax provisions that may affect your business.
You sold your house, congratulations! Depending on your situation, you may be eligible to exclude some or all of the profit from the sale from your taxable income. This is called the principal residence exclusion.
Updated December 2021: Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.
Sean Brady is a manager at Corrigan Krause.
Similar to other industries, the Tax Cut and Jobs Act (TCJA) has impacted the real estate market, especially for investors. As the real estate industry constantly responds to market-driven factors, modifications created by tax reform allow the industry to remain highly attractive for investors and business owners. Investors remain hopeful that the TCJA will remain active for the next eight to ten years permitting them to advan Read More >>
