The Inflation Reduction Act includes wide-ranging tax provisions

DK Arndt Staff Content Library

The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden is expected to sign the bill into law shortly. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO), the IRA is projected to …

What Receipts are Important to Keep for My Taxes?

DK Arndt Staff Content Library

It can be overwhelming to think about what receipts and papers are necessary to keep when filing your taxes. It is important to have information about your income, adjustments to your income, itemized tax deductions and credits, and taxes you’ve paid. What does all this mean? Let me show you a few examples of documents to keep for your taxes. …

Submitting a FAFSA: How Can this Affect my Taxes?

DK Arndt Staff Content Library

What is FAFSA? FAFSA is a form completed each year by college students to determine eligibility for student financial aid. There are many sources of financial aid available. Loans, grants, scholarships, and work-study funds all affect taxes differently. Student loans are not considered taxable income. You are expected to pay back the lender, so loans are not considered a source …

Tax Prep: After the Pandemic

DK Arndt Staff Content Library

COVID-19 had an effect on most business’ way of working during 2020. We continue to follow the same practices from the 2020 tax year to the 2021 tax year. We are continuing to receive drop offs rather than meeting in person. Remember some key points when dropping off your documents: If there is anything unusual about any of your documents, …