Insights

There Still May Be Time to Cut Your Tax Bill With an IRA

March 10, 2022

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…

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Who Needs An Estate Plan? Everyone!

March 4, 2022

First, what is an estate plan? An estate plan clarifies a person’s wishes and can help reduce the cost and time of administering the estate. You might think, I am just starting and beginning life, I do not need an estate plan, or maybe you think you will pass your business down to your children…

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Keeping Meticulous Records is the Key to Tax Deductions and Painless IRS Audits

February 14, 2022

If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported…

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Let your Financial Statements Guide You to Optimal Business Decisions

February 7, 2022

Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally…

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Learn More About the Coronavirus State and Local Government Fiscal Recovery Funds

January 27, 2022

The Coronavirus State and Local Fiscal Recovery Funds (CSLFRF), awarded as part of the American Rescue Plan Act, provides emergency resources for state and local governments as a result of the COVID-19 pandemic. The funding can be used to: Help support essential workers and pandemic response; Reinforce critical public services by funding lost revenue for…

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Important Information on 1099s!

January 20, 2022

1099s are misunderstood and underemphasized.  Businesses are required to issue a Form 1099 to each third party to whom they have paid at least $600 in rents, services, prizes and awards, or other income payments. Form 1099-NEC was first introduced for the year 2020 year, and is only used to report nonemployee compensation (NEC). Form…

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How will revised tax limits affect your 2022 taxes?

January 13, 2022

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 are adjusted annually for inflation. If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about…

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Businesses with employees who receive tips may be eligible for a tax credit

January 11, 2022

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 (FICA) taxes that you pay on your employees’ tip income. Basics of the credit The FICA credit applies with respect to tips that your employees…

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2022 Q1 tax calendar: Key deadlines for businesses and other employers

January 5, 2022

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 be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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Will the standard business mileage rate go up in 2022? Yes!

January 3, 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 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will…

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