If you’ve been thinking about ways to save on medical expenses, now may be the perfect time to open a Health Savings Account (HSA). Thanks to persistent inflation, the IRS recently announced historic bumps to contribution limits for HSAs, making planning for health savings more...
Blackman & Sloop is pleased to announce the addition of Courtney Murphy, CPA, to their professional team. Murphy joins the firm as a senior manager for the Business Advisory team. She brings with her 23 years of valuable accounting experience, including ten years as a sole...
Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. IRA contributions for the prior year can be made...
Here is what the firm has been up to since our last newsletter. [themify_col grid="2-1 first"] Promotions and New Hires: Roger Lewis, Cristina Scamardella, and Christine Preddy joined us in February as seasonal associates for tax season. Welcome and thank you! Courtney Murphy joined the team as a...
What month and year did you join Blackman & Sloop? August 2022 Why did you choose Blackman & Sloop? I got a really good feeling about the leadership team, the staff, and the direction they want to take the firm. They are working to grow the firm and doing...
The U.S. housing market has been extremely volatile over the past year. Year-over-year growth rates were at highs of 20.1 percent in April 2022, then declined to only 8.6 percent in November – the biggest drop in over 20 years. As a result, many homeowners...
This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to expire after 2021 but a law change has given the credit renewed life and substantially enhanced it beginning...
2023 brings with it a whole new set of rules related to qualifying for a tax credit for purchasing a used electric vehicle. This is the first time that used electric vehicles have qualified for a tax credit, and although considerably less than the credit...
Apart from the spike in inflation, 2023 ended the year with a relatively strong economy, boasting an unemployment rate of 3.5 percent (below the market forecast of 3.7 percent) with increases in wages, corporate profits, and economic growth over the past two quarters. Despite the...
Married taxpayers generally have the option to file a joint tax return or separate returns, a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, or are considering doing so, you...
