A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it rather than selling it. You can defer tax on your gain through a “like-kind” or Section 1031 exchange.

If you are a high-earning small business owner or self-employed individual, a 401(k) or traditional profit-sharing plan alone might not be the best for your money. We explore how a cash balance plan can be a great addition to your retirement strategy, offering larger tax deductions and accelerated retirement savings.

The Inflation Reduction Act’s Clean Vehicle Credit might alter the timing of purchasing a new or used qualifying electric vehicle. Learn why.

The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.

Maxwell Locke & Ritter is excited to announce that we have once again been honored as a 2022 Best of the Best Firm by INSIDE Public Accounting. ML&R is the only Austin-based firm on this year’s list.

President Biden signed the Inflation Reduction Act (IRA) on August 16, and it includes significant provisions related to climate change, health care, and, of course, taxes.

If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here are the applicable rules for paying estimated tax without triggering the penalty for underpayment.

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently signed into law by President Biden on August 9, 2022. Among other things, the $52 billion package provides generous tax incentives to increase domestic production of semiconductors, also known as chips. While the incentives themselves are narrowly targeted, the expansion of semiconductor production should benefit a wide range of industries. Check out our overview here.

Maxwell Locke & Ritter has been named in INSIDE Public Accounting’s 32nd annual ranking of the largest accounting firms in the nation: the IPA Top 200. ML&R continues as the highest ranking Austin-based firm on the list.

The Tax Cuts and Jobs Act significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.