Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable…

tax implications for tipped employees

Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons.

retirement account withdrawal tax penalty

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early…

2023 tax breaks for your business

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual…

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting…

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers…

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved…

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new…

employee retention tax credit ERTC

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of…

standard mileage rate

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used…

renting to relatives watch out for these tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax…

LIFO

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been…

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer…

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Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind…

selling stock by year end

If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch…

qbi

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is…

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional…

c corporations

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of…

Intangible Assets

These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes…

The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some…

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner… An owner…

tax on savings bonds

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe…

computer and software costs

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to…

adoption tax benefits

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim…

Health Savings Account 2023 limits illustrated by green piggy bank

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide…

inflation 2023

The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were…

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up…

planned gifts

Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients…

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have…

tax free bonds

If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally…

You and your small business are likely to incur a variety of local transportation costs each year. There are various tax implications…

tax-advantaged saving

If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs,…

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little…

inflation reduction act 2022

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether…

inflation reduction act

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and…

solo 401k

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want…

innocent spouse tax rule

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax…

type of business tax purposes

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat…

business requirements

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply,…

website costs tax

These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted.

early withdrawal penalty IRA

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on…

small business tax breaks

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses.…

tax aspects of like-kind exchanges

A business or individual might be able to dispose of appreciated real property without being taxed on the gain by exchanging it…

electric vehicle tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re…

tax obligations going out of business

Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation,…

mergers and acquisitions

Although merger and acquisition activity has been down in 2022, according to various reports, there are still companies being bought and sold.…

vehicle expense tax deductions

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately,…

q3 2022 tax deadline calendar
News /

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind…

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide…

estate tax planning

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned…