Small Businesses: Rent Expenses May be Tax-deductible

If you’re a small business owner just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:

Five Overlooked Tax Breaks for Individuals

Are you confused about which credits and deductions you can claim on your 2022 tax return? You’re not alone. With tax law becoming more complicated every year, it’s hard to remember which tax breaks are available in any given year. With that in mind, here are five tax breaks you might not want to overlook.

Small Business: Deducting Startup Costs

If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before you began operating the business are treated as capital expenditures. As such, they are part of the cost basis for the business.

Advertising and Marketing Costs May be Tax Deductible

As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones.

Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction.

Individual Taxpayers: The Year in Review

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022.

Take some time to review the information below to ensure you’re prepared for what’s ahead.

Year-end Tax Planning Strategies for Business Owners

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. In this article, we’ll cover deferring income, purchasing new business equipment, Section 179 Expensing, and more. Let’s take a look.

Eligible Families Can Claim Tax Benefits Until November 17th

Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit (RRC), the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and other tax credits depending on their personal and family situation. The letter provides a brief overview of each of these three credits. As a reminder, these and other tax benefits were expanded under last year’s American Rescue Plan Act (ARPA) and other recent legislation.

Tax Deductions for Homeowners

For many people buying a home – whether it’s a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home, there are also some perks – at least when it comes to taxes.

Homeowner Records: What To Keep And For How Long

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.

Kids’ Day Camp Expenses May Qualify for a Day Credit

Day camps are common during school vacations and the summer months. Many parents enroll their children in a day camp or pay for daycare so they can work or look for work. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Here are 10 things parents should know: