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NKSFBTax Insights

The Child Tax Credit (CTC) rules and credit amounts have changed significantly over the last six years.

Child Tax Credit: The Rules Keep Changing but It’s Still Valuable

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC is still valuable for parents. Here are the current rules.

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It remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support

Reading the Tea Leaves: Potential Tax Legislation in the New Congress

The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws may provide an indication of the many areas ripe for action in the next two years.

Many tax limits affecting businesses have increased for 2023

Many Tax Limits Affecting Businesses Have Increased for 2023

Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange where you exchange the property rather than sell it. With real estate prices up in some markets (and higher resulting tax bills), the like-kind exchange strategy may be attractive.

The new Secure 2.0 law could affect small businesses.

How the New Secure 2.0 Law May Affect Your Business

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years.

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