December 27, 2022
Many self-employed individuals are eligible to make annual contributions to Roth IRAs, despite having healthy earnings from their businesses. But some haven’t yet taken advantage of this retirement saving strategy. Making annual Roth contributions can have a big upside by allowing… Read more »
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401(k), Adjusted Gross Income, AGI, Are You Missing the Roth IRA Boat?, common misconceptions, Contributions, Contributions to Roth IRAs, Deductible vs. Nondeductible, Income Restrictions, individuals, IRA, MAGI phase-out range, maximum deductible SEP, Need Help, Roth IRA, Roth IRA Basics, self-employed, self-employed individuals, SEP, simplified employee pension, tax benefits of contributing to a Roth IRA, The Truth about Income Restrictions, Traditional IRA
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 »
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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 »
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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 »
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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 »
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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 »
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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 »
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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 »
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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 »
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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 »
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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 »
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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
August 31, 2022
Congress has passed the Inflation Reduction Act (IRA) and President Biden signed it into law on August 16. The $740 billion law contains many tax breaks and raises revenue through a new minimum tax on large, profitable corporations and an excise… Read more »
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15% Corporate Alternative Minimum Tax, Clean Vehicle Tax Credit, Commercial Vehicles, Congress has passed the Inflation Reduction Act (IRA), Corporate Stock Repurchases, Energy and Health Care, Energy Improvements, Excise Tax on Corporate Stock Repurchases, Increase in Qualified Small Business Payroll Tax Credit for Research, Inflation Reduction Act, IRA, Payroll Tax Credit, Previously Owned and Commercial Vehicles, Previously Owned Vehicles, Provisions Related to Climate, Provisions Related to Energy, Provisions Related to Health Care, Residential Energy Improvements, Small Business Payroll Tax Credit for Research, tax credit, The Wide-Ranging Inflation Reduction Act Is Signed Into Law, Vehicle Tax Credit
July 25, 2022
The COVID pandemic prompted numerous temporary changes to the tax laws for 2020 and 2021. From Economic Impact Payments, penalty-free IRA distributions and the expanded child tax credit to Employee Retention Credits and credits for paid leave, taxpayers had ample areas… Read more »
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Amend Tax Return, Do You Need to Amend Your Tax Return?, How to Amend Your Return, How To Minimize Penalties, Late Fees and Interest, Minimize Penalties, Need to Amend, Penalties, Reasons to Amend
July 25, 2022
Have you recently left the job market to raise your kids, care for an elderly parent or pursue personal interests? Regardless of why you left and whether it’s temporary or long-term, you might still want to save for retirement while your… Read more »
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IRA, Nonworking Spouse, Nonworking Spouse: Contributing to Your Own Traditional IRA, Roth IRA, Roth IRA Contributions, Spousal IRAs, The Lowdown on Spousal IRAs, Traditional IRA Contributions, Traditional IRA Contributions When Both Spouses Work, Working Spouse, Working Spouse: Contributing to a Traditional IRA
June 24, 2022
Real estate markets are still surging in many parts of the country, especially in some popular travel destinations. If you’re thinking about selling a vacation home that’s increased dramatically in value, you might be rightly concerned about the tax hit. While… Read more »
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Basics of the Home Sale Gain Exclusion, Consider Taxes Before Selling a Highly Appreciated Vacation Home, Real estate markets, Vacation Home as a Principal Residence
June 24, 2022
The IRS recently announced it will be increasing the standard mileage rate for qualified business drivers for the second half of 2022. The adjustment reflects rising costs at the gas pumps this year. It’s accompanied by a hike in the standard… Read more »
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Blended Rate for 2022, IRS, IRS Boosts Standard Mileage Rates for Second Half of 2022, IRS Standard Mileage Rates, Qualifying for the Standard Mileage Rate
May 24, 2022
If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners… Read more »
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Estimated Tax Payments, Exceptions to the 10% Early Withdrawal Penalty, Exceptions to the 10% Early Withdrawal Penalty Require Proof, Federal Tax News, Federal Tax News for Individuals, he Amounts that Delinquent Taxpayers Can Keep Have Been Updated by the IRS, Settlement for Legal Malpractice, Settlement for Legal Malpractice Is Taxable Income, Tax Deadline, tax news, Tax News for Individuals, The "Tax Gap"
May 24, 2022
Remember the excitement of the last day of the school year? Many adults have fond childhood memories of being off from school for the summer. But summer break isn’t just for kids. Here are nine potential summertime tax breaks for grown-ups… Read more »
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9 Ways to Bask in Summer Tax Savings, Charitable Deductions, Go Green, Harvest Capital Gains or Losses, Rent Out Your Personal Residence, Tax Savings, Track Vacation Home Use
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