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Tax Credits for Electric Vehicles: The Latest from the IRS

June 2023 Tax Credits for Electric Vehicles: The Latest from the IRS The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023 or later: Purchase an EV, and claim the clean vehicle credit. Lease […]

How To Contribute to The Mega-Backdoor Roth

May 2023 How To Contribute to The Mega-Backdoor Roth The “mega-backdoor Roth” is a retirement saving strategy that technically allows individuals to make much larger contributions to certain workplace retirement accounts than the annual elective deferral limits. To use a mega-backdoor Roth, the following must exist: The client must be eligible to contribute to a […]

Client Tax Tips Letter June 2022

THE WHALEN GROUP Tax-Saving Tips June 24, 2022 Alert: A Massive New FinCEN Filing Requirement Is Coming Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new […]

Tax-Saving Tips June 2019

THE WHALEN GROUP Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity. The tax-saving strategy is to combine the tax-avoidance advantage of the principal residence […]