How Will Revised Tax Limits Affect Your 2022 Taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures
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Businesses With Employees Who Receive Tips May Be Eligible For A Tax Credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare
Are You Eligible For A Medical Expense Tax Deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be
Defer Tax With A Like-Kind Exchange
Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a Section 1031 ‘like-kind’
Gig Workers Should Understand Their Tax Obligations
The number of people engaged in the ‘gig’ or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans
The Standard Business Mileage Rate Is Increasing In 2022
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by
Do You Qualify For The Student Loan Interest Deduction?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject
2022 Q1 Tax Calendar: Key Deadlines For Businesses & Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may
Stock Market Investors: Year-End Tax Strategies To Consider
Year-end is a good time to plan to save taxes by carefully structuring your capital gains and losses. Consider some possibilities if you have losses on certain investments to date.
Providing A Company Car? Here’s How Taxes Are Handled.
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as