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Category: Tax Tips

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November 4, 2022
Inflation Means You and Your Employees Can Save More for Retirement in 2023

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for...

October 26, 2022
Employers: In 2023, the Social Security Wage Base is Going Up

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax....

October 5, 2022
Worried About an IRS Audit? Prepare in Advance

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report, but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act...

September 27, 2022
Inflation Reduction Act’s Impact on Your Taxes

The Inflation Reduction Act (IRA) was signed into law on August 16, 2022.  Here are the significant provisions:...

September 27, 2022
Student Loan Forgiveness

President Joe Biden announced on Aug. 24 that most federal student loan borrowers will be eligible for some forgiveness.  The forgiveness would be up to $10,000 if you didn’t receive a Pell Grant, and up to $20,000 if you did. The Whitehouse fact sheet states if all el...

July 18, 2022
Important Considerations When Engaging in a Like-Kind Exchange

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. A like-kind exchange is a swap of real p...

June 28, 2022
2022 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all appl...

June 22, 2022
Businesses Will Soon Be Able to Deduct More Under the Standard Mileage Rate

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A g...

May 4, 2022
Businesses May Receive Notices About Information Returns That Don’t Match IRS Records

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed information...

March 29, 2022
2022 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all...

March 22, 2022
Taking the Opposite Approach: Ways Your Business Can Accelerate Taxable Income and Defer Deductions

Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to?...

February 23, 2022
Tax Organizer Tips

Tax Day for individual tax filers is typically April 15th each year unless the day falls on a holiday or weekend. The IRS extended the filing season in 2020 and last year because of COVID-19. But that is not the case for tax returns filed in 2022. For this year, the deadli...