Tax Dives - Let’s go together!

Offering childcare support to employees is a game-changer for both workforce retention and employee well-being, and the Employer-Provided Childcare Facilities and Services Tax Credit makes it easier to do so. In this episode, we’re breaking down this federal tax incentive designed for employers who provide childcare benefits. We’ll cover eligibility requirements for both small and large businesses...

Hiring new talent can be costly, but the Work Opportunity Tax Credit (WOTC) offers a way for businesses to recoup some of those expenses by hiring individuals from targeted groups, including veterans, ex-felons, and long-term unemployed. In this episode, we break down everything employers need to know about qualifying for the WOTC, the types of employees who are eligible, and the financial impact...

As tax season approaches, understanding the ins and outs of claiming dependents on your tax return can make a big difference in your financial outcome. In this episode, we’ll unpack the rules around dependents—whether they’re children, relatives, or non-relatives living in your household—and explain how they can impact your tax benefits. Learn the eligibility criteria for qualifying children and r...

Paying taxes to a foreign government can feel like double the burden—unless you know about the Foreign Tax Credit. In this episode, we’ll explore this essential credit designed to help U.S. citizens and resident aliens with foreign income avoid double taxation and reduce their U.S. tax bill. Join us as we discuss who qualifies, the types of income and foreign taxes eligible, and walk through the p...

Health insurance can be a daunting expense, especially if you’re self-employed. But did you know there's a tax break that can help reduce these costs? In this episode of the Mission Tax Podcast , we’re diving into the Self-Employed Health Insurance Deduction—a key tax benefit that can ease the burden of health premiums for self-employed individuals, from sole proprietors to LLC members. Join us as...

Bienvenidos a nuestro episodio del pódcast sobre la Ley de Transparencia Corporativa (CTA), vigente a partir del 1 de enero de 2024. Esta ley introduce nuevas obligaciones de reporte para muchas pequeñas empresas con el objetivo de combatir los crímenes financieros. En este episodio, cubrimos: ​ Quién Debe Presentar el Reporte : Qué negocios deben presentar los informes de Información de Propiedad...

Welcome to our latest podcast episode on the Corporate Transparency Act (CTA), effective January 1, 2024. This act introduces new reporting obligations for many small businesses to combat financial crimes. In this episode, we cover: ​ Who Must File : Which businesses need to file Beneficial Ownership Information (BOI) reports, and key exemptions. ​ How to Stay Compliant : Filing steps, required in...

In this episode, we unpack the 2023 Home Office Deduction, a valuable tax benefit for self-employed individuals and eligible employees working from home. We’ll cover the two methods for claiming the deduction—the Simplified Method and the Regular Method—and explain the eligibility criteria, including the need for exclusive and regular use of your home office. Learn how to gather the right document...

In this episode, we explore the 2023 mileage deduction, a valuable tax-saving tool for self-employed individuals using a vehicle for business purposes. We’ll break down the two methods for claiming the deduction—the Standard Mileage Rate and the Actual Expenses Method—along with the eligibility criteria, including vehicle ownership and business use. Learn how to keep accurate records, choose the r...

In this episode, we explore the Simplified Employee Pension Individual Retirement Account (SEP IRA), a popular retirement savings option for self-employed individuals and small business owners in 2023. With its higher contribution limits, tax-deductible contributions, and tax-deferred growth, the SEP IRA offers significant advantages for those looking to maximize their retirement savings. We’ll co...

In this episode, we dive into the Roth IRA and its advantages as a retirement savings tool in 2023. Unlike Traditional IRAs, Roth IRAs offer tax-free growth and withdrawals, making them an excellent option for those looking for long-term, tax-free income in retirement. We’ll cover key benefits such as no required minimum distributions, estate planning perks, and flexible access to contributions. Y...

In this episode, we explore the Traditional Individual Retirement Account (IRA) and its role in retirement planning for 2023. We’ll discuss how a Traditional IRA provides tax advantages, including potential tax-deductible contributions and tax-deferred growth on your investments. You’ll learn about eligibility criteria, contribution limits, and how to claim these benefits, as well as important con...

In this episode, we explore the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) and its benefits for small businesses in 2023. QSEHRA allows employers with fewer than 50 full-time employees to offer tax-advantaged reimbursements for healthcare expenses, even without a group health plan. We’ll break down how QSEHRA works, the tax advantages for both employers and employees, contr...

In this episode, we dive into the ins and outs of Health Savings Accounts (HSAs) and the 2023 HSA deduction. Learn how an HSA can help you manage healthcare expenses while reducing your taxable income. We’ll discuss eligibility criteria, contribution limits, and the significant tax benefits, including pre-tax contributions, tax-free withdrawals, and earnings. You’ll also get a step-by-step guide o...

Are you a U.S. citizen or resident alien working abroad? You might be eligible for the Foreign Earned Income Exclusion, which allows you to exclude a portion of your foreign income from U.S. taxation. In this episode, we’ll break down the 2023 eligibility criteria, including the Physical Presence and Bona Fide Residence tests, and explain how to claim this valuable exclusion. From understanding ea...

Adopting a child is a beautiful and life-changing experience, but it can come with significant financial costs. In this episode, we explore the 2023 Adoption Tax Credit, a federal tax credit designed to help families offset adoption expenses. We'll cover everything you need to know, from eligibility criteria and types of adoption covered—domestic, international, special needs, and foster care—...

Are you a first-time homebuyer? The Mortgage Tax Credit Certificate (MCC) could be your key to significant tax savings in 2023. In this episode, we break down what the MCC is, who qualifies, and how to claim it, with a focus on Texas and California programs. From federal and state MCC options to filling out IRS Form 8396, we’ll cover everything you need to know to reduce your mortgage interest thr...

In this episode, we break down the Premium Tax Credit, a program designed to make health insurance more affordable. Learn how to qualify, the difference between Advance Premium Tax Credits (APTC) and end-of-year credits, and the steps to claim them. We’ll guide you through eligibility requirements, how to apply through the Health Insurance Marketplace, and the reconciliation process with IRS Form...

Tax season can feel overwhelming, but seniors have a unique opportunity to save with the 2023 Elderly Tax Credit. In this episode, we’ll walk you through the available credits, eligibility requirements, and the steps to claim your credit. Learn how to maximize your tax savings, whether you qualify for nonrefundable federal credits or additional state benefits. From understanding income limits to c...

Ready to make your home greener while saving money? In this episode, we explore the Residential Clean Energy Tax Credit, designed to help homeowners like you invest in clean energy systems and get a tax break. We’ll cover everything you need to know—from the types of systems that qualify, like solar panels and geothermal heat pumps, to eligibility requirements and how to claim your credit. Plus, w...

In this episode, we dive deep into the Energy Efficient Home Improvement (EEHI) Tax Credit, a powerful incentive for homeowners and contractors alike. If you’re a homeowner looking to make energy-efficient upgrades while cutting costs, or a contractor seeking to help your clients save through tax credits, this is for you. We'll break down how the credit works, eligibility requirements, and how...

In this episode, we explore the Retirement Savings Tax Credit, a valuable incentive to help you boost your retirement savings. We’ll break down the different types of retirement accounts that qualify, from Traditional and Roth IRAs to 401(k) plans, and explain the eligibility criteria and income limits. Whether you’re just starting to save or looking to maximize your contributions, we’ll guide you...

In this episode, we break down the Child Care Tax Credit to help parents navigate the financial relief available for child care expenses. We’ll explore the two main types of credits: the Dependent Care Credit and Employer-Provided Child Care Credit, along with their eligibility criteria, income limits, and how to claim them. From tax forms to key limitations, you’ll learn everything you need to kn...

In this episode, we break down the Earned Income Tax Credit (EITC), a powerful tax benefit for low-to-moderate-income individuals and families. We’ll explain who qualifies, including details on income limits and what makes a “qualifying child.” Whether you have children or not, the EITC can reduce your tax bill and potentially provide a refund. Tune in to learn the steps for claiming this valuable...

In this episode, we’re breaking down the Child Tax Credit and what it means for families. From fully refundable credits to partial and non-refundable options, we’ll guide you through the different types of credits, eligibility requirements, and how to claim them. Whether you’re a single parent or a married couple, understanding these tax credits can help ease financial stress. Tune in to learn how...