Deducting Business-Related Car Expenses

If you’re self-employed and use your car for business, you can deduct certain business-related car expenses.

The first thing small business owners need to know is that there are two options for claiming deductions:

HSA Limits Increase Significantly For 2023

Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2023, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $3,850 for individuals with self-only coverage (up $200 from 2022) and $7,750 for family coverage (up $450 from 2022).

Now Is The Time To Check Your Federal Tax Withholding

Now that tax season is over, it’s time to get the new tax year off to a good start by checking your federal income tax withholding. Taxpayers can do this by using the Tax Withholding Estimator on IRS.gov. Let’s take a look at why using this valuable online tool is a good idea:

What To Do If You Miss The April Tax Deadline

Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven’t filed a 2021 tax return yet, it’s not too late. Here’s what you need to do:

First, gather any information related to income and deductions for the tax years for which a return must be filed, then contact us at the office of Lahrmer & Company LLC at (866) 474-1238 or office@lahrmercpa.com.

Tax Credits To Help Cover The Costs of Higher Education

Whether your child attends trade school, private college, or public university, you already know that higher education in the United States is expensive. The good news is that many taxpayers are able to take advantage of two education tax credits to help offset these costs: the American opportunity tax credit and the lifetime learning credit. Taxpayers, their spouses, or their dependents who take post-high school coursework, may be eligible for this tax benefit.

Tax Return Tips For Last-Minute Filers

When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you’ve been procrastinating on filing your tax return this year, here are eight tips that might help.

Business Meals Fully Deductible In 2021 And 2022

Beginning January 1, 2021, and extending through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances.

What To Know About The Gig Economy And Your Taxes

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones: ride-sharing, Uber and Lyft, for example, and home rentals such as Airbnb.

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:

Important Information About Charitable Giving This Year

For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating. It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.