November 30, 2022
Contribute More to Your FSA in 2023 axpayers that participate in employer-sponsored health Flexible Spending Accounts (FSAs) can contribute more in 2023. The annual contribution amount will rise to $3,050 (up from $2,850 in 2022). FSAs allow owners to pay… Read more »
Read Full Newsletter »
Charitable Donations, Contribute More to Your FSA in 2023, Court: Charitable Donations Must Be Properly Substantiated, Do You Know What Your Filing Status Is?, employer-sponsored health Flexible Spending Accounts (FSAs), equired Minimum Distributions: Important Considerations for Certain Taxpayers, Federal Tax News for Individuals, inherited IRAs and other plans, possible major retirement savings package, Possible Tax Legislation by Year End — and Beyond, SECURE Act 2.0, Seniors
November 30, 2022
In today’s uncertain marketplace, businesses are being forced to re-evaluate their working capital needs. Some managers have learned the hard way during the pandemic that operating “lean” has its limits. What Is Working Capital? Working capital — current assets minus current… Read more »
Read Full Newsletter »
2022 Working Capital Survey, Assets, Days inventory outstanding (DIO), Days payables outstanding (DPO), Days sales outstanding (DSO), Defer payables, How Has the Pandemic Affected Working Capital Levels?, How Is Working Capital Evaluated?, Improving Working Capital Management, It's Time for Businesses to Rethink Their Working Capital Practices, Liabilities, liquidity, Optimize inventory, Rethink Working Capital Practices, Speed up collections, What Is Working Capital?
November 30, 2022
The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here… Read more »
Read Full Newsletter »
2023 Social Security tax, inflation adjustments, inflation adjustments for 2023, IRS Revenue Procedure 2022-38, Social Security Administration, Social Security tax, Social Security wage base, Social Security wage base increase, Social Security wage base increase in 2023, Tax Benefit Increases for 2023
October 25, 2022
Tax Credit Helps Employers Who Hire Certain Employees If your business is looking to hire, you should know about a valuable one-time tax credit. The Work Opportunity Tax Credit (WOTC), which is available through 2025, encourages employers to hire from… Read more »
Read Full Newsletter »
Construction Businesses Requirements to Claim Credits, Contributions to 401(k)s and Other Retirement Accounts Going Up in 2023, Federal Tax News for Businesses, Inflation Reduction Act (IRA), No Deductions for Political Advertising Expenses, Tax Credit Helps Employers Who Hire Certain Employees, Tax Responsibilities for Nonemployees, The Work Opportunity Tax Credit, WOTC, WOTC IRS FAQ List
October 25, 2022
It’s time for year-end tax planning. Every fall, small business owners should review their tax situations to determine steps they should consider to reduce their federal income taxes for the current year — and beyond. Fortunately, no significant unfavorable federal tax… Read more »
Read Full Newsletter »
100% First-Year Bonus Depreciation for Last-Minute Asset Additions, 401(k), businesses using a pass-through entity, Defined Benefit Pension Plans, Heavy SUV, How Can Small Business Owners Lower Taxes for 2022, Jobs Act (TCJA), Pickup or Van Write-Offs, publicly traded partnerships, QBI Deductions, qualified business income, REIT dividends, SECURE Act, self-employed, SEP-IRA, SIMPLE-IRAs, Small Business Tax Law Changes under the IRA, Tax-Favored Retirement Plans, Timing of Business Income and Deductions, Year-End Tax Planning
October 25, 2022
With year end fast approaching, it’s time to consider tax planning moves that may lower taxes for the 2022 tax year — and possibly set you up for tax savings in future years as well. The good news is that it… Read more »
Read Full Newsletter »
Charitable Donations, Charitable Donations from Your IRA, clean vehicle credit, Gains and Losses in Taxable Investment Accounts, Gift Tax, harvesting capital losses, itemizable expense, lower taxes for the 2022 tax year, Prepay College Bills, Prepaying state and local taxes, Roth IRA Conversion, Standard Deductions, state and local income and property taxes, tax planning moves that may lower taxes for the 2022 tax year, taxable brokerage firm accounts, The American Opportunity credit, The Inflation Reduction Act, The Lifetime Learning credit, ways to increase your itemized deductions for 2022, Year-End Tax Planning, Year-End Tax Planning Tips, Year-End Tax Planning Tips for Individuals, year-end tax-saving strategy
September 27, 2022
You’ve probably heard that the newly enacted Inflation Reduction Act of 2022 (IRA) includes a package of measures to fight climate change, including tax incentives for both consumers and businesses. Among other things, the law extends and revises a tax credit… Read more »
Read Full Newsletter »
2022 and 2023 Clean Vehicle Models, beginning in 2023, Clean Vehicles, Internal Revenue Code Section 30D, IRA imposes limits on vehicle sale prices, New Rules for EV Tax Credits Under a New Law, The EV tax credit, The Inflation Reduction Act, Used Clean Vehicles
September 27, 2022
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Or you might want to upgrade from a more-basic SIMPLE IRA or Simplified Employee Pension (SEP) plan. Here are two options —… Read more »
Read Full Newsletter »
Defined Benefit Pension Plans, How Much Can You Contribute to a Solo 401(k)?, Self-Employed Business Owners, Self-Employed Business Owners: What's the Right Retirement Plan?, Solo 401(k)s, What's the Right Retirement Plan
August 31, 2022
Receiving Money from “Crowdfunding” May Come with a Tax Bill Is income from crowdfunding taxable? It’s a popular way that many people raise money for emergencies, charities, businesses and more. But the funds could be taxable. Tax rules: Under federal law,… Read more »
Read Full Newsletter »
Business versus hobby, Court Upholds the IRS Rejection of an Offer in Compromise, Crowdfunding, Crowdfunding Tax Bill, Federal Tax for Individuals, Federal Tax News for Individuals, Hobby Business, How the IRS Whistleblower Program Works, IRS Whistleblower Program, Is Your Hobby Actually a Business?, Tax Fraud, Tax-Related Scams, Whistleblower
August 31, 2022
In today’s tough economy, you may find yourself struggling to cover your day-to-day expenses. But rising interest rates are making traditional loans more expensive. In such an environment, you might consider borrowing funds from your 401(k) retirement account, if your plan… Read more »
Read Full Newsletter »
401(k) Loans, Borrowing from your 401(k), Cautionary Cons, double taxation, early withdrawal penalty, Fees are another considerations, Hardship Withdrawal, Hardship Withdrawal Alternative, Potential Pros