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Federal Tax News for Individuals

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 »

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It’s Time for Businesses to Rethink Their Working Capital Practices

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 »

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The IRS Has Announced Various Tax Benefit Increases for 2023

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 »

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Federal Tax News for Businesses

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 »

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How Can Small Business Owners Lower Taxes for 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 »

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Year-End Tax Planning Tips for Individuals

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 »

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New Rules for EV Tax Credits Under a New Law

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 »

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Self-Employed Business Owners: What’s the Right Retirement Plan?

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 »

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Federal Tax News for Individuals

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 »

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401(k) Loans: Yay or Nay?

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 »

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