Category Archives: year-end tax planning

Businesses: Important Tax Changes in 2023

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.

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Getting Ready for the 2023 Tax Filing Season

Getting Ready for the 2023 Tax Filing Season

Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s look at what’s new for 2022 and some key items taxpayers should consider before filing.

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Small Business Taxpayers: The Year in Review

Small Business Tax Payers: 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.

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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.

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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.

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Tax Breaks for Teachers and Educators

It’s almost time for the start of the new school year, and teachers and other educators should remember that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return.

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Tax Breaks For Taxpayers Who Itemize

Tax Breaks for Taxpayers Who Itemize

Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice – often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here’s what to keep in mind:

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What To Know About Keeping Good Tax Records

What To Know About Keeping Good Tax Records

Tax season is upon us. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:

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Tax Prep vs. Tax Planning

Tax Planning vs. Tax Preparation: What Is The Difference?

tax preparationMany people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look:

What is Tax Preparation?

Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money or will be receiving a refund.

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Business Tax Planning

Business Owners: Year-End Tax Planning Strategies

Business tax planning

Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:

Deferring Income

Businesses using the cash method of accounting can defer income into 2022 by delaying end-of-year invoices so that payment is not received until 2023. Businesses using the accrual method can defer income by postponing the delivery of goods or services until January 2022.

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