Act Now to Reduce Your Business’s 2022 Tax Bill

As 2022 winds down, now is the time for your business to take stock of its tax situation and implement year-end tax planning strategies. Continue Reading Act Now to Reduce Your Business’s 2022 Tax Bill

5 Steps to Take Now to Cut Your 2022 Individual Tax Liability

Are you interested in reducing your 2022 tax liability? There’s still time to take these year-end tax planning steps. Continue Reading 5 Steps to Take Now to Cut Your 2022 Individual Tax Liability

How Inflation Will Affect Your 2022 and 2023 Tax Bills

Many people are feeling the squeeze of inflation. What does this mean for your federal tax bill? Here’s what the inflation-adjusted amounts will be for several provisions in 2023, as compared with 2022. Continue Reading How Inflation Will Affect Your 2022 and 2023 Tax Bills

Employers: In 2023, the Social Security wage base is going up

Business owners and their employees may not have to pay Social Security tax on ALL of their wages. Amounts above a certain threshold aren’t subject to Social Security tax. Here’s how the 2023 “wage base” will affect your payroll. Continue Reading Employers: In 2023, the Social Security wage base is going up

Plan now to make tax-smart year-end gifts to loved ones

As we head toward year end, many people are starting to plan to give gifts to their loved ones. Here’s how to avoid gift tax implications. Continue Reading Plan now to make tax-smart year-end gifts to loved ones

Don’t forget income taxes when planning your estate

With the current federal estate tax exemption at $12.06 million, you may not be worried about estate taxes. But you should still think about saving income taxes for your heirs. Continue Reading Don’t forget income taxes when planning your estate

2022 Q4 tax calendar: Key deadlines for businesses and other employers

It’s time for businesses to start thinking about year-end tax strategies. It’s also a good time to think about the fourth quarter 2022 tax filing deadlines. Continue Reading 2022 Q4 tax calendar: Key deadlines for businesses and other employers

Is your income high enough to owe two extra taxes?

There are two special taxes that may have a significant effect on the tax bills of high-income folks: the 3.8% net investment income tax and a 0.9% additional Medicare tax on wage and self-employment income. Here are the basic rules. Continue Reading Is your income high enough to owe two extra taxes?

Home sweet home: Do you qualify for office deductions?

Many people started working from home during the pandemic and have continued working out of home offices. Some of them qualify for home office deductions, but unfortunately, not all of them do. Here are the rules. Continue Reading Home sweet home: Do you qualify for office deductions?

Why an LLC might be the best choice of entity for your business

A limited liability company can give you corporate-like protection from creditors while providing the benefits of taxation as a partnership. Can it work for you? Continue Reading Why an LLC might be the best choice of entity for your business