Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College-Tuition Plans Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes [...]
The type of business that you're running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders. A C Corporation (or C Corp for short) is one [...]
Sold or Thinking of Selling? If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are [...]
Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces to bicycles, parents are often shocked by the constant [...]
Individuals with disabilities, as well as parents of disabled children, are eligible for several income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. Qualified ABLE programs provide the means for individuals and families to [...]
For small business owners, in particular, growing a business has always been something of a challenge. On the one hand, you don't want to grow too quickly - doing so can significantly damage the trajectory that you've set out on. But at the same time, you also don't want to grow too slowly as this [...]
If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage, [...]
July 1 - Time for a Mid-Year Tax Check-UpTime to review your 2022 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 11 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during June, you [...]
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase Article Highlights: Mid-year IncreaseItems Included in the Optional Mileage RateWhat Can Be Deducted in Addition to the Optional Mileage RateSwitching Methods With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping [...]
$5,000 First-year Start-up and Organizational Expense Write-offTimely Filing RequirementsQualifying Start-up ExpensesTrade or Business PurchaseQualifying Organizational ExpensesExpense Write-off LimitationsHow to Make the ElectionOther Considerations Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the [...]
