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:Continue reading
Category Archives: Tax Planning
What to do if You’re Missing Important Tax Documents
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2022 earnings and withheld taxes no later than January 31, 2023.Continue reading
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.Continue reading
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.Continue reading
Do You Need to File a 2022 Tax Return?
Most people file a tax return because they have to, but even if you don’t, you might be eligible for a tax refund and not know it.
The tax tips below should help determine whether you must file a tax return this year.Continue reading
Tax Breaks for Older Adults and Retirees
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that.
Keep reading for info about standard deductions for seniors, credit for the elderly or disabled, retirement account increases, and more.Continue reading
Highlights of The Secure 2.0 Act of 2022
The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to retirement.
Let’s take a look at the highlights:Continue reading
Businesses: Important Tax Changes in 2023
It’s no surprise there are important tax changes you need to be aware of this year.
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Take a look.Continue reading
Small Business Taxpayers: The Year in Review
As the year comes to an end, here’s what business owners 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.Continue reading
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.Continue reading